Curve Finance's Battle Against a $70 Million Exploit and The Unyielding Rise of DeFi Security Risk!

In DeFi another exploit has occured and caused a major impact on one of biggest DeFi protocol "Curve Finance" causing half of the chain TVL wiped away.

This isn't the first time when an exploit in DeFi happened.. there are many such cases while bridging funds to chain or through liquidity pools and so on got hacked, stolen and gone.

So, what happened with Curve Finance? and battle against this hack did they recovered anything yet? and some of things you need to know about this event is shared ahead in this.

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The Cause of Hack in Curve

There was a vulnerability in Vyper programming Language which caught exploiter attention and he made an unauthorized access to curve pool from where he stoled more like 42 Million $CRV coins.

Three of pools running on vyper were affected and only if they hadn't left em outdated code it could've never happened.

_source

Anyway the pool affected are 0.2.15, 0.2.16, and 0.3.0.

The total of funds stolen from this exploit was $70m, later exploiter have send more of it back and curve devs have situation under controlled.

Half of Curve TVL Gone

This one exploit has send curve way too back as the total value locked (TVL) has dropped more than -40% in last 24hours.

_source
And since Convex Finance operates on top of Curve it also got hit by this hack.

So, both of TVL are down more than 40% and caused coins price a major drawback.

CRV Price Lost 20% in last 24 hours

I was holding quite few CRV and all of a sudden this hack crashed it prices and investors now suffering yet another disaster in crypto but this time in DeFi.

The chart look like this and that weird technical analysis can't do nothing when such thing happens it just go down.

But..

There's a chance it will recover as the community is taking stand and working on developing the ecosystem.

Well, also a hacker who stole 2,800 was caught by a Bot trap and she returned those ETH back to curve deployer.. so, There's like hope and I believe it will shine again.

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Wrapping Up..

In the end, I believe DeFi needs to improve a lot of Things to scale better this exploit isn't first or last one and making a infrastructure with no vulnerability or exploits can give investors much relief in crypto space.

For now market is lacking volume and while DeFi was rising again a lot of chains started gaining momentum and this unexpected event happened kinda ruined the momentum.

I hope you found this valuable and do let me know in comment that you're safe from it.

Fin.

Your support is much appreciated. Don't Forget to hit Upvote, Comment and Re-blog.
_{Thanks for reading.Greetings.}

All the content and images are mine except indicated. No copyright infringement intended. 31/06/2023.