Tag: finance

Ribbon Finance Settles First On-Chain Ether (ETH) ‘Autocallable’ With Marex and MEV Capital

How it works: If, after one week, the ether spot price is above the initial price at the time of the trade, the trade terminates early, with the buyer receiving the initial investment plus the 0.5% coupon. If, on expiry, ether trades 15% lower from the initial price, the buyer stands protected, receiving the principal in full along with the coupon. However, if the 85% protection barrier is breached (ether drops over 15%), the buyer takes the loss, which is compensated by coupons to some extent. Source AutocallableCapitalETHEtherFinanceMarexMEVOnChainRibbonSettles CryptoX Portal

Curve Finance exploit triggers massive MEV rewards

The Ethereum network recently witnessed some of the highest Maximal Extractable Value (MEV) reward blocks in history, following a vulnerability on the Curve Finance platform. This event significantly rewarded MEV bots that front-ran transactions during the defi crisis, leading to an unprecedented rise in MEV incentives. Ethereum (ETH) core developer “eric.eth” disclosed in a tweet on July 31 that the MEV rewards that day were amongst the largest in the blockchain’s history. Today has produced some of the largest MEV reward blocks in Ethereum’s history. Slot 6,992,273: 584 ETHSlot 6,993,342:…

Curve Finance (CRV) Exploit Puts More Than $100M of Crypto at Risk

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 —…

Ethical hacker retrieves $5.4M for Curve Finance amid exploit

boss

A white hat hacker has managed to take around 2,879 Ether (ETH), worth around $5.4 million, from an exploiter and returned it to the decentralized finance (DeFi) protocol Curve Finance amid the recent hack.  On July 30, several stablepools on Curve Finance were exploited due to malfunctioning reentrancy locks on several versions of the Vyper programming language. The losses from Curve Finance are estimated to be around $47 million. However, DeFi protocols that were using the vulnerable versions of Vyper were also exploited, exposing the DeFi ecosystem to a stress…

Ethereum logs $1M MEV block reward amid Curve Finance exploit

boss

The recent Curve Finance exploit has reportedly led to one of the largest ever maximal extractable value (MEV) reward blocks of 584.05 Ether (ETH).  On July 31, Ethereum core developer “eric.eth” reported that “today has produced some of the largest MEV reward blocks in Ethereum’s history,” adding it was caused by the exploit of Curve Finance stable pools on July 30. Data shows a larger MEV reward block of 692 ETH was recorded in March. “A bot notices an incoming hack in the mempool, reproduces the tx [transaction] and front…

Curve Finance pools exploited in over $24M due to reentrancy vulnerability

boss

Several stable pools on Curve Finance using Vyper were exploited on July 30, with losses reaching $24 million at the time of writing. According to Vyper, its 0.2.15, 0.2.16 and 0.3.0 versions are vulnerable to malfunctioning reentrancy locks.  “The investigation is ongoing but any project relying on these versions should immediately reach out to us,” Vyper wrote on X. We’re running a large white hat rescue operation. Please reach out if you think you’re affected as a project. https://t.co/tssWcRHg35 — sudo rm -rf –no-preserve-root / (@pcaversaccio) July 30, 2023 According…

zkSync Era’s Kannagi Finance rug pulls and steal $2.13m

Kannagi Finance, a decentralized yield aggregator, has rug pulled with an estimated $2.13 million of investor funds.  According to the blockchain security company, Peckshield, Kannagi Finance erased its digital footprint after bolting with more than $2 million worth of investors’ funds. Its official website, along with social media and communication channels, are offline. A rug pull refers to a form of scam where developers of a cryptocurrency project unexpectedly pulls liquidity from a pool, leading to sharp losses. German blockchain security firm, SolidProof, audited Kannagi’s smart contract. However, it has…

Another week of DeFi hacks, but ZK-proof development heats up: Finance Redefined

boss

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The past week in DeFi was dominated by exploits and hacks, with three DeFi platforms losing nearly $39 million. Alphapo’s hot wallets were exploited for over $32 million, Era Lend was drained for $3.4 million, and the decentralized finance protocol Conic Finance was exploited for almost $3.5 million. In better news, the DeFi ecosystem was buzzing with developments in zero-knowledge-proof (ZK-proof) scaling…