Ad

Curve Finance awards researcher $250k, Curve DAO (CRV) still in red after hack

By:
on May 1, 2024
Listen
  • Curve Finance awards Marco Croc $250k for finding vulnerability.
  • CRV token sees 39.33% monthly drop.
  • Post Curve Finance hack recovery efforts ongoing with $49.2M approved for reimbursement.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

In a significant development, Curve Finance, the protocol behind Curve DAO (CRV) cryptocurrency, has recognized the contributions of cybersecurity researcher Marco Croc by awarding him $250,000 for uncovering a critical vulnerability within the protocol.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

The researcher, operating under the pseudonym Marco Croc and representing Kupia Security, identified a reentrancy vulnerability in Curve Finance’s decentralized finance (DeFi) protocol.

The identified vulnerability had the potential to facilitate hackers facilitate hackers in pulling out substantial amounts from cryptocurrency protocols. By disclosing the flaw and explaining how it could manipulate balances and withdraw funds from liquidity pools, Croc has contributed significantly to strengthening the security of Curve Finance.

Curve DAO (CRV) still reeling from recent hack

Copy link to section

Despite the positive development of rewarding Croc for his discovery, Curve DAO Token (CRV) still finds itself facing challenges amidst a broader market downturn.

The CRV has experienced a significant decline in value over the past month, dropping by a staggering 39.33%. Furthermore, the token’s market capitalization has also taken a hit, plummeting by 2.05% in the last 24 hours alone.

CRV/USDT price chart

While this downward trajectory is reflective of the overall market instability witnessed across various digital assets, CRV’s struggles follow a series of adverse events, including a recent hack that impacted Curve Finance.

Curve Finance recovery efforts

Copy link to section

In light of the 2023 hack that shook Curve Finance, efforts are underway to facilitate recovery and address the aftermath of the incident.

The protocol recently managed to recover from a $62 million hack, with a focus on reimbursing affected liquidity providers. Besides the recovery and reimbursement efforts, the protocol has also issued a $1.85M public bounty for unmasking DeFi exploiter.

On-chain data confirms that a significant majority of token holders have approved the disbursement of tokens amounting to over $49.2 million. These funds are intended to cover losses incurred by various pools, including Curve, JPEG’d (JPEG), Alchemix (ALCX), and Metronome (MET).

It is yet to be seen whether the reimbursement effort will boost CRV’s sentiment and save it from the current decline.

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals™.

0/10
Learn more
Curve DAO Token Altcoins Crypto