SoatDev IT Consulting
SoatDev IT Consulting
  • About us
  • Expertise
  • Services
  • How it works
  • Contact Us
  • News
  • August 1, 2023
  • Rss Fetcher

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 on DeFi TVL aggregator DeFiLlama.

A handful of DeFi projects’ pools were also hacked, including PEGd’s pETH/ETH: $11 million; Metronome’s msETH/ETH: $3.4 million; Alchemix’s alETH/ETH: $22.6 million; and Curve DAO: around $24.7 million, according to Llama Risk’s post-exploit assessment.

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’s Telegram group declined to comment further to TechCrunch+ and referred us back to the post-exploit assessment.

By crypto standards, this wasn’t considered a “big” 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.

But this exploit isn’t the only problem Curve — and the broader crypto space — is facing.

Previous Post
Next Post

Recent Posts

  • Windsurf says Anthropic is limiting its direct access to Claude AI models
  • Elon Musk calls Trump’s budget bill a ‘disgusting abomination’
  • Anthropic’s AI is writing its own blog — with human oversight
  • Now Deel is accusing Rippling of spying by ‘impersonating’ a customer
  • Google places another fusion power bet on TAE Technologies

Categories

  • Industry News
  • Programming
  • RSS Fetched Articles
  • Uncategorized

Archives

  • June 2025
  • May 2025
  • April 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023

Tap into the power of Microservices, MVC Architecture, Cloud, Containers, UML, and Scrum methodologies to bolster your project planning, execution, and application development processes.

Solutions

  • IT Consultation
  • Agile Transformation
  • Software Development
  • DevOps & CI/CD

Regions Covered

  • Montreal
  • New York
  • Paris
  • Mauritius
  • Abidjan
  • Dakar

Subscribe to Newsletter

Join our monthly newsletter subscribers to get the latest news and insights.

© Copyright 2023. All Rights Reserved by Soatdev IT Consulting Inc.