Curve, a stablecoin-focused decentralized exchange (DEX), was the victim of an exploit late Sunday according to a tweet from the project. Curve relies on smart contracts instead of middlemen to offer financial services such as stablecoin borrowing, trading and lending to users. Upwards of $100 million worth of cryptocurrency are at risk due to a “re-entrancy” bug in Vyper, a programming language used to power parts of the Curve system. Several stablecoin pools on the platform — used for pricing and liquidity on a number of different DeFi services — have been drained by hackers so far, though the amount was unclear at press time. BlockSec, a blockchain auditing firm, estimated total losses above $42 million in a preliminary analysis posted to Twitter. While CRV, the DEX’s native token, was trading down 12% over the last 24 hours per Coinbase, it has interestingly surged 500% on South Korea-based digital assets exchange Bithumb.
Related posts
-
Celestia raises $100m, Binance founder leaves prison, Gensler reaffirms Bitcoin stance | Weekly Recap
The crypto venture capital scene is busy; Binance founder... -
The real winner of the 2024 US elections will be crypto
Disclosure: The views and opinions expressed here belong solely to the author and do not represent... -
3 Reasons Bitcoin Price Rally Is At Risk
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While...