Claim $500Curve Finance (CRV) Price Tanks After Major DeFi Exploit
Curve DAO (CRV), the native cryptocurrency of one of the top decentralized finance exchanges has undergone a price crash after a major exploit on the DeFi platform caused due to a vulnerability in the programming language.
Similar to other DeFi projects in the crypto space, Curve Finance depends on different decentralized software built atop the blockchain technology. In a tweet on Sunday, July 30, Curve tweeted that the exploit happened in a particular version of Curve’s programming language Vyper. It noted:
A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop. Other pools are safe.
PSA: Vyper versions 0.2.15, 0.2.16 and 0.3.0 are vulnerable to malfunctioning reentrancy locks. The investigation is ongoing but any project relying on these versions should immediately reach out to us.
— Vyper (@vyperlang) July 30, 2023
Curve Finance provided further clarification, emphasizing the critical factor that led to the issue – the combination of the affected Vyper version and the use of pure ETH. They also clarified that crvUSD contracts and related pools remain unaffected.
Curve Finance (CRV) Token Tanks 16%
Soon after the news of the exploit, the Curve DAO (CRV) price came under major selling pressure. As of press time, the CRV token is trading 16% down at a price of $0.6135 and a market cap of $545 million.
BlockSec, a company that checks the security of crypto software, believes the hack has resulted in over $40 million in losses. According to Tarun Chitra, the CEO of Gauntlet, a firm that assesses crypto risks, the attacker managed to take around $20 million worth of CRV (a type of crypto token) and a version of Ether (another cryptocurrency).
Curve Finance is the largest DeFi exchange after Uniswap. Decentralized lending service Aave uses CRV as collateral. Chitra from Gauntlet also stated that they have not observed any indications of “bad loans” on the Aave platform caused by the drop in CRV. CoinGecko figures show that Aave’s token has decreased by approximately 4% in the past 24 hours.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- XRP Holders Eye ‘Institutional Grade Yield’ as Ripple Engineer Details Upcoming XRPL Lending Protocol
- Michael Saylor Sparks Debate Over Bitcoin’s Quantum Risk as Bitcoiners Dismiss It as ‘FUD’
- Ethereum Faces Selling Pressure as BitMEX Co-Founder Rotates $2M Into DeFi Tokens
- Best Crypto Casinos in Germany 2025
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
