Curve’s Unfortunate Incident Made The Mainstream DeFi Tokens All Fell Sharply

Curve’s Unfortunate Incident Made The Mainstream DeFi Tokens All Fell Sharply

Curve Finance, a popular decentralized exchange (DEX), revealed that it suffered a security breach over the weekend. The incident impacted not only several Ethereum pools but also a liquidity pool based on Arbitrum. As a result of the breach, Curve Finance’s native token, CRV, took a major hit in the market. On Coinbase, CRV was trading down 12% over the past 24 hours. However, in a curious twist, the token experienced a surprising surge of 500% on the South Korea-based digital assets exchange, Bithumb. The incident also had a broader impact on mainstream DeFi tokens, with many experiencing sharp declines. The top largest decentralized exchanges’ native tokens fell after Curve announced the platform had been “exploited” due to a programming language flaw. COMP fell by 18.5% in 24 hours, CVX dropped by 14.3%, FXS declined by 13.02%, and AAVE experienced a 13.2% decrease in value. Curve Finance is well-known for allowing users to exchange like-assets, such as Ethereum for Staked Ethereum or Tether’s USDT for Circle’s USDC, providing a valuable arbitrage tool for traders seeking to capitalize on price disparities between assets. According to initial reports, hackers exploited the platform on Sunday.