Curve Finance’s $62M exploit exposes larger issues for DeFi ecosystem


Share post:

Hackers stole around $62 million from Curve Finance on Sunday, causing a ripple effect throughout the crypto sector and raising questions about the strength of the decentralized finance ecosystem.

Curve is one of the largest decentralized exchanges (DEX) in the crypto market today, with about $1.67 billion in total value locked (TVL), according to data on DeFi TVL aggregator DeFiLlama.

A handful of DeFi projects’ pools were also hacked, including PEGD’s pETH/ETH: $11 million; Metronome’s msETH/ETH: $3.4 million; Alchemix’s alETH/ETH: $22.6 million; and Curve DAO: around $24.7 million, according to LlamaRisk’s post-exploit assessment.

A bug found in older versions of the Vyper compiler contract programming language caused a failure in a security feature used by a handful of Curve liquidity pools. An admin in Curve Finance’s Telegram group declined to comment further to TechCrunch+ and referred us back to the post-exploit assessment.

By crypto standards, this wasn’t considered a “big” hack; Curve is a massive DEX, and this hack makes up about 4% of its TVL. A portion of the exploit was done by white hat hacker user c0ffeebabe.eth, who returned 2,879 ether, roughly $5.4 million, to Curve, according to on chain data.

But this exploit isn’t the only problem Curve — and the broader crypto space — is facing.

Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

And the winner of Startup Battlefield at Disrupt 2023 is… BioticsAI

During the last three days 20 startups participated in the incredibly competitive Startup Battlefield at TechCrunch Disrupt....

Salesforce to acquire, a low-code platform for building AI customer service agents

Salesforce has announced plans to acquire, a low-code platform that helps e-commerce companies build AI-powered customer...

OnePlus confirms its first foldable is officially ‘coming soon’

OnePlus is officially gearing up to launch its first foldable phone “soon,” the company told TechCrunch on...

AppCyclers wants to fight e-waste pollution across Africa

Most electronic waste isn’t recycled; instead, our dumped devices (and the toxic metals within) pile up in...

GitHub launches passkey support into general availability

GitHub is formally launching its passkeys security feature into general availability, two months after first debuting it...

Banish cumulative graphs from your pitch deck

You know what’s really awesome? Watching founders pitch on the TechCrunch Disrupt stage as part of Startup...

Saregama eyes Pocket Aces acquisition in video push

Saregama is in talks to acquire Pocket Aces, three people familiar with the matter said, as the...

Encrypted email provider Proton has built its own CAPTCHA service

Proton, the Swiss company that develops privacy-focused online services such as email, has developed its very own...