The liquidity pools of Curve Finance were recently subjected to an exploit, leading to a significant financial loss. Although around 70% of the missing assets have been successfully recovered, the level of interest from investors motivated by the crisis has been declining as Curve resumes its regular activities.
Curve Finance has demonstrated notable advancements in its recovery endeavors subsequent to the breach that resulted in a loss of $73.5 million across several projects within its pools.
Approximately $50 million, which accounts for roughly two thirds of the monies that were affected, has been successfully retrieved. The remaining portion is currently being actively investigated.
Quick post-hack update.
While 70% of funds affected by the hack last week are recovered, active investigation with regards to the rest is underway.
In the meantime, we are also working on measuring the respective shares of each affected user with the goal of proper distribution
— Curve Finance (@CurveFinance) August 11, 2023
Curve Finance Dangles $1.8 Million Bounty
In order to uphold principles of equity and openness, Curve Finance is diligently calculating the proportionate allocations for each affected account. The objective is to support an equitable restitution process that fosters confidence and protects the interests of users.
Curve has just declared a significant prize of $1.85 million with the aim of expediting the investigation process and ensuring the perpetrators of the attack are held accountable in a court of law.
The purpose of this prize is to incentivize those who can offer reliable information that leads to the identification and apprehension of the perpetrators who currently retain the unrecouped cash. Ethical operators, such as c0ffeebabe.eth, have already played a role in the recovery of certain lost funds.
The incident that occurred on July 30th involved the exploitation of a “reentrancy vulnerability” present in the smart contracts of Curve. This breach had significant consequences, impacting multiple projects within the manufacturing pools associated with Curve.
CRV market cap at $515 million on the weekend chart: TradingView.com
The reported weakness, which can be attributed to a defect present in the vyper 0.2.15-0.3.0 version, was expeditiously recognized and effectively addressed, thereby mitigating any potential hazards to users.
It is important to highlight that the vulnerability has not had any impact on the security or functionality of the other pools within Curve Finance. The provision of this assurance has instilled users with a sense of confidence, hence encouraging them to persist in utilizing the platform.
Boosting Audits And Security Protocols
In conjunction with technological remedies, Curve Finance is engaging in collaborative efforts with security professionals, auditors, and the broader decentralized finance (DeFi) community to do comprehensive audits and enforce augmented security protocols.
Regarding the examination of Curve DAO’s price, the prediction for its price remains optimistic as long as it sustains the support level of $0.485. Although there are short-term variations suggesting a gloomy attitude, the presence of recent increases in buying volume indicates strong activity from speculators.
Despite concerted efforts to cross the support level of $0.500, the presence of responding buyers effectively halted any further slide. This resulted in the formation of a long-tail bullish hammer candle, which serves as a significant indicator of the possibility for a reversal in the prevailing trend. Nevertheless, the prices exhibited a limited range of consolidation.
Within the previous 24-hour period, the price of Curve DAO has reached $0.591925, indicating a marginal decline of 1.93%. During the previous week, there was a decline in price amounting to 5.11%.
Curve DAO, with a circulating supply of 870 million CRV tokens, is projected to own a market capitalization of around $515,788,177.
Featured image from Josue Evilla/Fortune/Getty Images
