{"id":88539,"date":"2023-08-02T09:51:53","date_gmt":"2023-08-02T09:51:53","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/08\/02\/curve-finances-62m-exploit-exposes-larger-issues-for-defi-ecosystem\/"},"modified":"2023-08-02T09:51:53","modified_gmt":"2023-08-02T09:51:53","slug":"curve-finances-62m-exploit-exposes-larger-issues-for-defi-ecosystem","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/08\/02\/curve-finances-62m-exploit-exposes-larger-issues-for-defi-ecosystem\/","title":{"rendered":"Curve Finance\u2019s $62M exploit exposes larger issues for DeFi ecosystem"},"content":{"rendered":"

<\/p>\n

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Hackers stole around<\/span> $62 million from Curve Finance on Sunday, causing a ripple effect throughout the crypto sector and raising questions about the strength of the decentralized finance ecosystem.<\/p>\n

Curve is one of the largest decentralized exchanges (DEX) in the crypto market today, with about $1.67 billion in total value locked (TVL), according to data on DeFi TVL aggregator DeFiLlama.<\/p>\n

A handful of DeFi projects\u2019 pools were also hacked, including PEGD\u2019s pETH\/ETH: $11 million; Metronome\u2019s msETH\/ETH: $3.4 million; Alchemix\u2019s alETH\/ETH: $22.6 million; and Curve DAO: around $24.7 million, according to LlamaRisk\u2019s post-exploit assessment.<\/p>\n

A bug found in older versions of the Vyper compiler contract programming language caused a failure in a security feature used by a handful of Curve liquidity pools. An admin in Curve Finance\u2019s Telegram group declined to comment further to + and referred us back to the post-exploit assessment.<\/p>\n

By crypto standards, this wasn\u2019t considered a \u201cbig\u201d hack; Curve is a massive DEX, and this hack makes up about 4% of its TVL. A portion of the exploit was done by white hat hacker user c0ffeebabe.eth, who returned 2,879 ether, roughly $5.4 million, to Curve, according to on chain data.<\/p>\n

But this exploit isn\u2019t the only problem Curve \u2014 and the broader crypto space \u2014 is facing.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hackers stole around $62 million from Curve Finance on Sunday, causing a ripple effect throughout the crypto sector and raising questions about the strength of the decentralized finance ecosystem. Curve is one of the largest decentralized exchanges (DEX) in the crypto market today, with about $1.67 billion in total value locked (TVL), according to data […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-88539","post","type-post","status-publish","format-standard","category-technology"],"yoast_head":"\nCurve Finance\u2019s $62M exploit exposes larger issues for DeFi ecosystem - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/08\/02\/curve-finances-62m-exploit-exposes-larger-issues-for-defi-ecosystem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Curve Finance\u2019s $62M exploit exposes larger issues for DeFi ecosystem - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Hackers stole around $62 million from Curve Finance on Sunday, causing a ripple effect throughout the crypto sector and raising questions about the strength of the decentralized finance ecosystem. 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