2023-08-14
Curve Finance can
recover 70% of $73.5 million exploit and it is planning to distribute about
$51.45 million to affected users.
The exploit happened on
July 30, 2023. CRV/ETH,
alETH/ETH, msETH/ETH and pETH/ETH pools on Curve Finance were exploited. Recent update reported that Curve Finance faced a
total loss of $73.5 million.
Curve Finance can
recover about 70-90%. Decentralized finance
(DeFi) platforms Curve, Metronome, and Alchemix announced that any person that can return stolen funds back
will receive 10% bounty including the hacker which implying $7.35 million
reward for the hacker. Eventually, the hacker decided to return all of the
stolen fund. At least 10% of hacked funds will use as a reward for hacker.
Total value locked on
Curve Finance has also recovered. Its TVL increased from $1.865 billion on
August 1 to $2.405 billion on August 12. Curve Finance’s TVL before the exploit
happened was $3.253 billion.
However, the price of
CRV is still on downtrend. CRV price falls below a support level of $0.60.
Currently, CRV price is $0.578. CRV price was $0.73 before the exploit
happened.
