• Mon. Mar 4th, 2024

Massive De-Fi Hack – CRV Prices Dropped to 0.1$  Per Token, $14M Stolen

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ByMarcel Bich

Aug 19, 2023
Major De-Fi Hack: CRV Price Drop, $14M Stolen
Marcel Bich
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After a massive attack yesterday, the token prices dropped from 0.7$ to 0.1$ per unit.

Curve Finance logo.

Recently, a hacker who was after the CRV/ETH pool was successful in taking 7 million CRVs and 14 million dollars’ worth of WETH. In a statement, Curve Finance mentioned that alETH, msETH, and pETH were among the stablepools utilizing Vyper 0.2.15 that were impacted by a broken reentrancy lock. 

The state of the issue is being evaluated, and the neighborhood will be given updates. Thankfully, other pools are still safe. Just a few minutes before the hackers totally depleted the pool’s liquidity, the white hat hackers interfered.

Alchemix, one of the compromised platforms, said that a hacker had depleted the alETH/ETH curve pool while the transaction was being queued up in order to take the remaining liquidity. Currently, there has been a net loss of support for alETH of about 5,000 ETH.

The Sudden Drop of a Token

Token price 30-31 July, 2023.

Following the news, the CRV price immediately increased by $0.10 and is currently trading at $0.636, down 13% over the past 24 hours. The person behind the Curve Finance attack initiated the initial contact by including a note in his Blockchain transaction. 

The hacker advised the impacted protocols to get in touch with him via the etherscan chat section since he had temporarily shifted the cash to cold wallets. It is believed that the hacker can make a deal with the under consideration protocols.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.