The crypto market was under pressure as the new month kicked off, after the DeFi giant Curve Finance said it was exploited on Sunday.
Other smaller coins, specifically in the DeFi segment of the market, were in the red, too. CRV, the native token of Curve Finance, a stablecoin-focused decentralized exchange, has fallen 2.8% in the past 24 hours,. Aave has fallen nearly 9% in the same period, and the tokens tied to Compound and the Synthetix network were down 10% and 7.3%, respectively.
Curve, a stablecoin exchange built on Ethereum, was exploited Sunday due to a bug in the smart contract programming language called Vyper. The hacker targeted three liquidity pools for tokens paired with ether and CRV as well as several ERC-20 tokens issued on Alchemix , Metronome Synth and JPEG'd . It drained as much as $100 million worth of cryptocurrency from the platform, including $20 million of CRV and a version of ether, according to CryptoQuant.
"We've unfortunately had this scenario in crypto a few times over the past 12 to 18 months. Whenever investors hear the word hack ... it puts the whole crypto market on the backfoot and that's what's happening here," Gilbert said. Bitcoin volumes have also dropped significantly from their recent highs and have failed to reclaim them despite the price of bitcoin showing so much resilience this year. It traded in a tight range throughout July, neither breaking above the key level of $31,500 nor below the $25,200, and it's up 74% for the year.
"We had a lot of buzz recently around the Blackrock ETF but that can only drive bitcoin for so long and for so far. We got plenty of optimism with it but that initial optimism is fading slightly," Gilbert said. "When bitcoin heads south so do most altcoins ... and they're selling off a little bit further given what we're seeing with Curve."
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