NFT News Daily TheBittimes.com

Curve Finance pools were targeted by hackers in a reentrancy attack on July 30, sending shockwaves across the DeFi ecosystem. Cointelegraph compiled the week's events. The decentralized finance (DeFi) ecosystem has experienced a challenging week after a seismic security incident led to over $61 million being stolen from Curve Finance’s pools, leaving several protocols facing broader contagion risks. This attack exposed vulnerabilities across DeFi projects and sparked efforts to recover stolen funds over the past few days. As the community navigates the aftermath of this exploit, Cointelegraph compiled the week’s events, presenting a timeline of what happened since the hack on July 30. The hack: Curve Finance pools are exploited for over $61 million due to reentrancy vulnerability Several stable pools on Curve Finance using the Vyper programming language were exploit ed on July 30, with losses reaching over $61 million (total losses were initially estimated at $47 million). The vul...

Curve Finance, a prominent decentralized exchange renowned for its liquidity and cost-effectiveness, has faced significant challenges recently. The platform has gained attention for unfavorable reasons. On July 30, it suffered exploits worth over $47 million due to a Vyper reentrancy lock malfunction. Making use of this vulnerability, attackers managed to withdraw funds from multiple stablecoin pools on Curve Finance without having to provide the necessary collateral. The value of CRV, the native token of Curve Finance, experienced a sharp decline, dropping from about $0.73 to $0.62 following this incident. Concurrently, it was revealed that Michael Egorov, the founder of Curve Finance, had taken loans backed by 47% of the circulating CRV supply. Delphi Digital, a research firm, estimated that Egorov holds loans totaling around $100 million across different lending protocols, all secured by 427.5 million CRV tokens. Furthermore, Delphi Digital reported that Egorov has taken loans...