Curve Finance, one of the largest stablecoin lending platforms, was hit by hackers who compromised its X account this week. The hackers uploaded fake announcements of CRV token airdrops in an attempt to entice users into a scam. Curve Finance founder Michael Egorov promptly notified everyone that the social media account alone was hacked.
Hackers Promote Fake Airdrops Via Official Account
The since-deleted post asked Curve users to sign up prior to a Sunday snapshot to be eligible for a purported token airdrop. Although the hackers astutely attached a link to the official site of Curve, Egorov cautioned followers against clicking on any links posted from the account until his team took back control. Crypto community member CrediBULL Crypto seconded these cautionary notices, warning users not to provide personal details.
Confirmed: Curve X account hacked. No other account appears to be hacked – the control over X account was just silently taken by someone
— Michael Egorov (@newmichwill) May 5, 2025
Social media site X demands disclosure statements for advertising material, but fraudsters persist in targeting popular crypto brands and figures. A similar case occurred last month when Ripple’s Chief Technology Officer David Schwartz reported suspicious activity on John Deaton’s account.
CRV Token Price Down After Security Breach
The hack, though, did have an effect on the price of CRV, which lost 5% 24 hours following the news. But the volumes department did quite well, with daily trading volume rising 35% to $124 million.
A market analyst recently forecast that CRV can hit $3, based on bullish technical signs. This follows even as large amounts of the Curve founder’s own tokens were being sold by him. Egorov has sold over 3 million CRV tokens worth $1.60 million since March 24. He then also sold almost 2 million CRV on March 26.
Curve Finance: User Numbers And Trading Volume At All-Time High
In spite of the social media security glitch, Curve Finance has recorded significant growth in 2025. In the first quarter, the platform recorded $35 billion worth of trading volumes, representing a 13% rise from last year’s first quarter.
Statistics from DeFiLama indicate that platform transactions rose from around 1.8 million to 5.5 million in the first quarter of the year. This tripling indicates more users are resorting to Curve Finance for their crypto trading and lending.
Platform Bounces Back From Last Year’s Attack
The current situation marks a stark contrast from 2023, when Curve Finance suffered a much more serious hack that affected the actual platform. That incident drove prices down dramatically.
According to sources familiar with the matter, the hack was contained to just the X account, with no impact on the platform’s technical infrastructure or user funds.
Featured image from Unsplash, chart from TradingView
