Curve Finance (CRV) Exploit Saga Takes New Turn
DeFi protocol Curve Finance on Wednesday said CRV/ETH attackers need to return funds to the Curve DAO ownership address. The new development comes after exploiters failed to return funds within the stipulated deadline and Curve Finance extend the bounty to anyone who identify the exploiters for a conviction in the court.
Curve Finance Exploiter to Return Funds?
Curve Finance on August 9 again asked CRV/ETH exploiter to return funds to Curve DAO Ownership agent wallet address “0x4090.” It’s unclear whether exploiters again contacted Curve to return the remaining funds.
CRV/ETH exploiter will need to return funds to the Curve DAO Ownership agent at 0x40907540d8a6c65c637785e8f8b742ae6b0b9968
— Curve Finance (@CurveFinance) August 9, 2023
Curve Finance earlier extended the bounty to the public for a reward valued at 10% of the remaining exploited funds as the deadline passed. Anyone who identifies the exploiter in a way that leads to a conviction in the courts will get $1.85 million in reward.
Meanwhile, Curve Finance founder Michael Egorov is above halfway to paying off his $80 million debt through OTC sales of CRV tokens. Since the sale of CRV through OTC began on August 1, Curve founder has sold nearly 145 million CRV to 31 investors and institutions in exchange for almost $60 million in funds.
Also, the Aave community has blocked Curve DAO Token (CRV) borrowing to prevent the liquidation risk of Curve Finance founder Michael Egorov’s debt that could trigger a contagion and possibly a DeFi crash.
Also Read: Shiba Inu Lead Developer Hints At Imminent Shibarium Mainnet Release
CRV Price Above Liquidation Level
Michael Egorov is under liquidation pressure as CRV price fell after the $61 million hack. DeFi platforms such as Aave will sell CRV collaterals if CRV price hits $0.368, which could trigger contagion and potentially a DeFi crash.
CRV price jumps 1% in the past 24 hours, with the price currently trading at $0.60. The 24-hour low and high are $0.597 and $0.616, respectively. The price soared 10% after attackers started to return funds, but the momentum has slowed.
Also Read: Terra Luna Classic L1 Developer Team Announces Core Upgrade, LUNC To Recover?
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?