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In the wake of a massive exploit, the price of the Curve (CRV) token has declined drastically, recording double-digit losses in the last day. This has led to what some would call an opportunity to buy cheap coins and Matrixport and Bitdeer founder Jihan Wu is one of the believers. A Good Time To Buy [...]
The post Is It A Good Idea To Buy Curve Now? Here’s What This Founder Thinks appeared first on Crypto Breaking News.
It may be a good time to buy the crypto token linked to Curve DAO, CRV. CRV saw a decent ...
Curve DAO (CRV) encountered notable obstacles in reestablishing its market equilibrium subsequent to a recent breach in its network security. After a network intrusion that jeopardized a portion of Curve DAO’s (CRV) smart contracts and caused a monetary setback of $50 million, the value plummeted drastically. This occurrence prompted numerous investors to bet against their [...]
The post Is Curve DAO (CRV) Price On Track To Reach Or Exceed $1 This Month? appeared first on Crypto Breaking News.
In a surprising turn of events, the hacker known as the “Alchemix/Curve Finance Exploiter” has returned a total of 4,819.55 alteth and 6106 Ethereum (ETH) to Alchemix Finance, as reported by the journalist Colin Wu. The hacker, who had gained unauthorized access to the protocol, had earlier demanded that the Alchemix Finance team confirm the address to which they wanted the stolen funds returned. Curve Finance Breach Ends On Positive Note Curve Finance has announced the return of stolen funds worth over $60 million, which were taken in a recent exploit. As reported by NewsBTC, the protocol had issued a statement on Etherscan, urging the hackers to return the funds, and offered a 10% reward for their return. The hackers have agreed to return the funds, keeping 10% of the stolen amount. Related Reading: Will Bitcoin Rebound Anytime Soon? Here’s What On-Chain Data Says The attack on Curve Finance, which took place on July 30th, significantly impacted the decentralized finance (DeFi) sector and raised concerns about its security. The hack targeted several pools on Curve Finance, withdrawing more than $47 million from various DeFi projects. This led to a drop in the value of Curve DAO (CRV), prompting its founder, Michael Egorov, to sell off the asset to save it. Following the attack, Curve Finance has taken measures to improve its security, including updating its contracts and implementing stricter security protocols. The protocol has also called on the hacker to return the stolen funds and offered a reward for their cooperation. The hack had caused significant concern among the cryptocurrency community. Still, the Alchemix Finance team’s swift response and the hacker’s decision to return the stolen funds demonstrate the importance of protocols taking swift action to protect their users and assets. CRV Sees Strong Trading Volume Despite Recent Hack Curve Finance is one of the largest decentralized exchanges (DEXs) in the cryptocurrency market, with a total value locked (TVL) of $2.349 billion, according to data from DeFiLlama. The exchange has a market capitalization of $540.35 million and a fully diluted valuation of $2.035 billion, making it a significant player in the DeFi ecosystem. Related Reading: Bitstamp Makes Highly Anticipated XRP Announcement, But Does It Live Up To The Hype? The Curve Finance token (CRV) price currently stands at $0.62, with a 24-hour trading volume of $177.09 million. The staked amount of CRV is $432.64 million, representing approximately 80.07% of the market capitalization of the protocol. The data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi sector, with a substantial TVL and a high level of staked tokens. The liquidity available for trading on the exchange is also significant, with a high annualized trading volume and fees. The revenue generated by Curve Finance demonstrates the potential for decentralized exchanges to become profitable businesses, offering a viable alternative to centralized exchanges. Overall, the data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi ecosystem and the potential for decentralized exchanges to become profitable businesses. With its high TVL, staked tokens, and liquidity, Curve Finance is well-positioned to continue its growth and become a leader in the DeFi sector. Featured image from Unsplash, chart from TradingView.com
Curve Finance’s native token CRV has recovered from a 6-month low, and many believe that the news of Huobi co-founder Jun Du buying CRV tokens has contributed to it. Jun Du bought 10 million tokens valued at $4 million from Micheal Egorov, founder of Curve. Egorov had offered his tokens for sale to bolster his at-risk loan positions, primarily for borrowing stablecoins using CRV tokens as collateral. Some Positives For Curve Finance Despite Hack Curve Finance, one of the biggest DeFi protocols on the Ethereum blockchain, recently saw its in-house CRV price recover about 25% at the start of the month. It had previously dropped by 35% between July 30-31 following the panic selloff spearheaded by Curve Finance’s $47 million exploit. Related Reading: Buying Pressure Incoming? MicroStrategy Files Notice With SEC To Sell $750 Million In Stocks The July reentrancy attack was not the only exploit recorded on Curve Finance as the DeFi protocol had previously lost over $570,000 in August 2022 after hackers compromised the front end of its liquidity pool. However, the recent acquisition of 10 million tokens by Jun Du projects a positive outlook for CRV tokens, especially the recent attack on its ecosystem. Confirming the transaction, Du noted that he has locked up his investment for a period of one year as veCRV. Apart from Du, the Aave Chan Initiative, a delegate platform from Aave’s governance forum, recently put forward a proposal for the purchase of about $2 million worth of CRV. After the planned purchase, which is to be made by the Aave Treasury, the CRV tokens would also be locked up as veCRV for about four years. Token price recovers from weekly lows | Source: CRVUSD on Tradingview.com CRV Remains Popular Among Investors Egorov has so far sold 72 million CRV tokens to various investors and the continued purchase and acceptance of the CRV token demonstrates its popularity and utility. One such investor who remains bullish on CRV is Justin Sun, founder of the Tron network. He recently acquired 5 million CRV from Egorov by paying using Tether’s USDT in a direct Over-the-counter (OTC) trade. Justin confirmed the purchase in a tweet noting that both platforms “As steadfast partners” will keep being “…committed to providing support whenever needed.” According to a Twitter post by Sandra from Nansen, other popular purchasers of Curve tokens include Cream Finance, Machi Big Brother, DWF Labs, DCFGod, and Andrew Kang, co-founder of Mechanism Capital. Related Reading: Ethereum ETFs Heat Up As Filings With SEC Climbs To Six A vast majority of these transactions were conducted through OTC, with Egorov realizing over $20 million, which he applied to balancing his borrowings and removing himself from liquidation. Egorov also sent another huge supply of CRV (17.5 million) to an address starting with 0xf51. Once the largest DeFi protocol on the Ethereum blockchain, the vast majority of Curve trading volumes still come from Ethereum. Featured image from iStock, chart from Tradingview.com
Curve DAO (CRV) has established itself as a prominent DeFi platform, renowned for providing ample liquidity, particularly for stablecoins. However, an unfortunate security breach occurred over the weekend, causing a significant decrease in both the total funds entrusted to Curve and the value of its native token, CRV, which serves as a means of transaction [...]
The post Curve DAO (CRV) Price Recovery Post-Exploit: What Would Be A Realistic Scenario? appeared first on Crypto Breaking News.
Convex CRV (cvxCRV) has been on a rollercoaster ride the past few days. It dropped as much as 84% from $0.704 on August 30 to [...]
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