Curve Finance, a leading decentralized exchange known for its liquidity and cost efficiency, has found itself grappling with significant challenges in the aftermath of a major exploit. On July 30, the exchange suffered an exploit amounting to more than $47 million, attributed to a Vyper reentrancy lock malfunction.
Following the exploit, the token’s price experienced a sharp decline, dropping by almost 20% since the attack. Recent reports have surfaced, indicating that Michael Egorov, the founder of the exchange Curve Finance, has allegedly taken loans secured by approximately 47% of the total circulating CRV.
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However, amidst the troubled situations, Egorov received notable support from prominent players in the cryptocurrency industry.
The founder of #Curvefi sold 5M $CRV to Justin Sun at an average price of $0.4 via OTC.https://t.co/WM1nW8JKwU pic.twitter.com/2smWxRbqHp
— Lookonchain (@lookonchain) August 1, 2023
Justin Sun, DCF God, and others come to Curve Finance’s rescue
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- CRV
- Curve Finance
- Justin Sun