On July 30, Curve was exploited due to a vulnerability in the Vyper programming language. A drop in the price of $CRV could lead to a liquidation of Egorov’s position and kickstart a liquidation cascade. 👀 Let's dive in 👇
due to a vulnerability in the Vyper programming language, resulting in around $70 million being stolen. This exploit has raised concerns about the collateralized loans taken out by Curve founder Michael Egorov, who has borrowed over $100M against approximately 460M CRV tokens, representing 47% of the total supply. A drop in the price of CRV could lead to a liquidation of Egorov’s position and kickstart a liquidation cascade.Contagion risks and the outlook for DeFi.
A collapse in CRV price would likely force these protocols to begin liquidating the CRV collateral backing loans on their platforms. However, with minimal liquidity, these mass liquidations could rapidly wipe out the CRV value.Protocols forced to liquidate CRV collateral at fire sale prices would likely have to absorb substantial bad debt. Those that isolated risk, like Fraxlend and Aave V3, would see losses contained to CRV lenders.
But losses may spread more widely from protocols like Aave V2 that didn't isolate risk. There is also exposure for stablecoins like Abracadabra's MIM that hold CRV in collateral baskets.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Curve Finance Exploit Puts $100M+ Worth of Crypto at Risk; CRV Token TumblesMore than $100M-worth of cryptocurrency could be at risk due to a bug impacting Curve, a stablecoin exchange at the center of Ethereum’s DeFi ecosystem.
Weiterlesen »
Crypto Futures Show Bias for Uniswap's UNI Token After Curve Finance ExploitUNI perpetual futures trade at 20% premium as traders expect Uniswap to gain even more market share after the CRV exploit, one research head said.
Weiterlesen »
Ethereum logs $1M MEV block reward amid Curve Finance exploitThe Curve Finance exploit has led to 'some of the largest MEV reward blocks in Ethereum’s history,' according to Ethereum core developer econoar.
Weiterlesen »
Upbit suspends CRV deposits and withdrawals amid Curve Finance exploitSouth Korean crypto exchange Upbit has suspended deposits and withdrawals for Curve Finance's token, CRV.
Weiterlesen »
MEV bot runner 'c0ffeebabe.eth' returns $5.4 million amid Curve exploitThe bot front-ran a malicious hacker and secured the funds which were later returned to Curve.
Weiterlesen »
Upbit Halts Trading of Curve Finance's Token After $100M ExploitSouth Korea's Official_Upbit has suspended $CRV withdrawals and deposits after CurveFinance suffered an over $100 million exploit. thesamreynolds reports.
Weiterlesen »