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Blockchain

Curve Finance Stops CRV Rewards For Liquidity Pools Affected By Attacks

August 3, 2023 - Around 2 mins mins to read

Key Points:

  • Curve Finance has terminated CRV rewards for liquidity pools affected by Curve and Multichain mining.
  • This decision affects pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto, and multibtc3CRV.
  • Rewards are paused to avoid encouraging further participation in these compromised groups.
Gabriel Shapiro, General Counsel of Delphi Labs, tweeted that Curve Finance’s emergency multi-sig feature ended the CRV rewards of many liquidity pools affected by recent attacks.
Curve Finance Stops CRV Rewards For Liquidity Pools Affected By Attacks

Lending protocol Curve Finance has terminated governance token rewards for liquidity pools affected by recent hacks, including those affected by Vyper compiler mining on Curve and multiBTC pools affected by Multichain mining. This action was taken to avoid further user involvement in these compromised liquidity pools.

As mentioned in previous Coincu News articles, On July 6, more than $100 million in cryptocurrency was withdrawn from several bridges that are part of the Multichain protocol. Then, on July 30, Curve Finance was the victim of a re-attack. More than $47 million in cryptocurrencies were lost during the mining process.

The termination of the reward is carried out by the Curve Emergency decentralized autonomous organization (Curve E-DAO), which is composed of selected members of the Curve DAO governing body. Affected groups include alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto, and multibtc3CRV. However, it is important to note that the decision could be reversed in the future if the Curve DAO proceeds with a total vote.

After almost 1 day of being hacked, a white hat hacker managed to get around 2,879 ETH worth about $5.4 million from a miner and return it to the protocol. However, this is only a tiny amount of the total damage suffered by the protocol.

Curve is one of the largest DEXs of the crypto market today, with TVL (Total Value Locked) reaching $1,811. The total amount hacked accounted for about 4% of its TVL at the time, which is considered a significant hack. As a result, this hack caused ripples throughout the entire cryptocurrency sector and raised questions about the strength of the decentralized financial ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Blockchain

Curve Finance Stops CRV Rewards For Liquidity Pools Affected By Attacks

Key Points:

  • Curve Finance has terminated CRV rewards for liquidity pools affected by Curve and Multichain mining.
  • This decision affects pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto, and multibtc3CRV.
  • Rewards are paused to avoid encouraging further participation in these compromised groups.
Gabriel Shapiro, General Counsel of Delphi Labs, tweeted that Curve Finance’s emergency multi-sig feature ended the CRV rewards of many liquidity pools affected by recent attacks.
Curve Finance Stops CRV Rewards For Liquidity Pools Affected By Attacks

Lending protocol Curve Finance has terminated governance token rewards for liquidity pools affected by recent hacks, including those affected by Vyper compiler mining on Curve and multiBTC pools affected by Multichain mining. This action was taken to avoid further user involvement in these compromised liquidity pools.

As mentioned in previous Coincu News articles, On July 6, more than $100 million in cryptocurrency was withdrawn from several bridges that are part of the Multichain protocol. Then, on July 30, Curve Finance was the victim of a re-attack. More than $47 million in cryptocurrencies were lost during the mining process.

The termination of the reward is carried out by the Curve Emergency decentralized autonomous organization (Curve E-DAO), which is composed of selected members of the Curve DAO governing body. Affected groups include alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto, and multibtc3CRV. However, it is important to note that the decision could be reversed in the future if the Curve DAO proceeds with a total vote.

After almost 1 day of being hacked, a white hat hacker managed to get around 2,879 ETH worth about $5.4 million from a miner and return it to the protocol. However, this is only a tiny amount of the total damage suffered by the protocol.

Curve is one of the largest DEXs of the crypto market today, with TVL (Total Value Locked) reaching $1,811. The total amount hacked accounted for about 4% of its TVL at the time, which is considered a significant hack. As a result, this hack caused ripples throughout the entire cryptocurrency sector and raised questions about the strength of the decentralized financial ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.