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Curve Finance which is one of DeFi platforms was attacked by hackers. The assets worth $24M were stolen. Here are the details.
Today, Attackers have exploited Curve Finance pools. This situation happened due to Vyper compiler had an error caused by 0.2.16, 0.2.15, and 0.3.0 versions. Furthermore, in this attack, the hackers stole 32M CRV (It is worth $24 million) from CRV/ETH pools. After this attack, Vyper posted a tweet below.
PSA: Vyper versions 0.2.15, 0.2.16 and 0.3.0 are vulnerable to malfunctioning reentrancy locks. The investigation is ongoing but any project relying on these versions should immediately reach out to us.
— Vyper (@vyperlang) July 30, 2023
Besides, If the problem still goes on, all CRV/WETH pools might be hacked according to explaining by Vyper. So, this issue can affect all WETH pools. However, Curve Finance has announced that other pools are safe. Thus, WETH pools will not have issues because of CRV issues.
"All affected pools have been drained or white hacked.
All remaining pools are safe and unaffected by the bug"
Statement from CRV Discord pic.twitter.com/EvN2hXyB3E
— Spreek (@spreekaway) July 30, 2023
DeFi platforms have been affected due to the Curve Finance issue.
Many DeFi protocols also faced this issue. Alchemix announced that it lost about 5,000 ETH. According to Alchemix’s statement, alETH/ETH pools have been exploited by a hacker while queuing the transactions.
It is clear that the issues caused by Vyper are just pool issues. Therefore, these attacks will affect just pools. In addition, CRV Token price is currently 0.62 dollars.
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Convex Finance has been badly affected
Convex Finance is one of the projects related to Curve. For this reason, 9.24% of the share Convex is at a loss which is worth 30%. If this price keeps going down Convex Finance might go bankrupt.
What did the Hacker do after attacking?
CRV tokens are still in the hacker’s wallet after the attack. Moreover, some CRV was swapped to WETH. Briefly, the hacker’s wallet includes assets which are worth $19M.
Curve Finance Founder’s position might be liquidated.
The CEO sent his $300M CRV token to the AAVE platform. After that, he borrowed $60M. It is thought that the CEO bought a new house in Australia with this money. Also, If the CEO cannot pay his loan AAVE might face this kind of issue.
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