1. BITBILIHome
  2. Article

Curve Finance pools hit hard as Vyper exploit leads to losses of $24M

• 32 views

TL;DR Breakdown

  • Several stable pools on Curve Finance, along with other decentralized finance (DeFi) projects, fell victim to a devastating exploit on July 30, causing losses amounting to $24 million.
  • DeFi projects, including decentralized exchange Ellipsis, Alchemix’s alETH-ETH pool, JPEGd’s pETH-ETH pool, and Metronome’s sETH-ETH pool, suffered substantial financial losses. 

Description

In a shocking turn of events, several stable pools on Curve Finance, along with other decentralized finance (DeFi) projects, fell victim to a devastating exploit on July 30, causing losses amounting to $24 million at the time of reporting. The exploit was traced back to vulnerabilities in specific versions of the Vyper compiler, with versions … Read more

In a shocking turn of events, several stable pools on Curve Finance, along with other decentralized finance (DeFi) projects, fell victim to a devastating exploit on July 30, causing losses amounting to $24 million at the time of reporting. The exploit was traced back to vulnerabilities in specific versions of the Vyper compiler, with versions 0.2.15, 0.2.16, and 0.3.0 being identified as the culprits.

Vyper, the Python-based smart contract programming language, acknowledged the seriousness of the situation and urged all projects relying on the affected versions to reach out immediately. The exploit’s mechanism, known as “malfunctioning reentrancy locks,” allowed attackers to bypass the intended safeguards and drain funds from the targeted contracts.

Curve Finance exploit

The investigation into the incident is currently underway, and the fallout has been immense. DeFi projects, including decentralized exchange Ellipsis, Alchemix’s alETH-ETH pool, JPEGd’s pETH-ETH pool, and Metronome’s sETH-ETH pool, suffered substantial financial losses. Ellipsis reported that a limited number of stable pools with BNB were exploited using an outdated Vyper compiler.

The breach triggered a wave of panic across the DeFi ecosystem, prompting a flurry of transactions across various pools and spurring white hat hackers to initiate a rescue operation. As the situation unfolded, the utility token of Curve Finance, CRV, experienced a decline of over 5% in response to the news. However, reassuringly, Curve Finance confirmed that crvUSD contracts and any pools associated with it were not affected by the attack.

Reentrancy attacks have long been a concern in the crypto space, and this incident underscores the importance of robustly implementing security measures in DeFi protocols. As the investigation progresses, developers are expected to work closely with the Vyper team to address the vulnerabilities and prevent future exploits.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Curve Finance pools hit hard as Vyper exploit leads to losses of $24M

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月31日 16:30
Next 2023年7月31日 18:02

Related articles

  • UK inflation rate down to 6.8% in July following reduced living pressure

    TL;DR Breakdown The annual inflation rate in the UK saw a significant drop to 6.8% in July. Despite the cost-of-living crisis in the UK showing signs of improvement, households are still facing significant pressures. Description In July, the annual inflation rate in the UK saw a significant drop to 6.8%, though the core consumer price index showed no change. The situation could pose challenges for the Bank of England. The recorded headline CPI value aligns with the predictions made by economists surveyed. That follows the previous month of June when … Read more In July, the annual inflation rate in the UK saw a significant drop to 6.8%, though the core consumer price index showed no change. The situation could pose challenges for the Bank of England. The recorded headline CPI value aligns with the predictions made by economists surveyed. That follows the previous month of June when inflation was unexpectedly lower at 7.9%. From a monthly perspective, the headline CPI experienced a 0.4% decrease, slightly better than the projected -0.5% decline. UK inflation still high According to the Office…

    Article 2023年8月16日

  • PancakeSwap expands to zkSync era, enhancing DeFi scalability

    TL;DR Breakdown PancakeSwap has launched on zkSync Era, improving scalability and efficiency. The launch is part of a trend of DeFi platforms using Layer 2 solutions for mass adoption. zkSync Era offers reduced gas costs and faster transactions, recently surpassing Ethereum’s daily transactions. Description In a significant development for the DeFi sector, PancakeSwap, the leading decentralized exchange (DEX) on the Binance Chain, has announced its launch on zkSync Era, an Ethereum Layer 2 network. This move is set to enhance the scalability and efficiency of the DEX, offering users reduced gas costs and faster transaction times. PancakeSwap v3 currently … Read more In a significant development for the DeFi sector, PancakeSwap, the leading decentralized exchange (DEX) on the Binance Chain, has announced its launch on zkSync Era, an Ethereum Layer 2 network. This move is set to enhance the scalability and efficiency of the DEX, offering users reduced gas costs and faster transaction times. PancakeSwap v3 currently supports swaps and liquidity providing (LP), with yield farming and LP token staking set to come online in the coming weeks. The exchange…

    Article 2023年7月29日

  • Louisiana criminalizes AI deepfakes depicting child porn

    TL;DR Breakdown Louisiana has established a new law that will criminalize all acts to depict child porn using deepfakes. Battling deepfake misuse and ensuring accountability. Description Louisiana is set to implement a new law on August 1 that will make the production and possession of deepfakes depicting the sexual abuse of children a criminal offense. Signed into law by Governor John Bel Edwards, Louisiana legislative bill SB175 imposes severe penalties for creating, distributing, or possessing unlawful deepfake images involving minors. Offenders … Read more Louisiana is set to implement a new law on August 1 that will make the production and possession of deepfakes depicting the sexual abuse of children a criminal offense. Signed into law by Governor John Bel Edwards, Louisiana legislative bill SB175 imposes severe penalties for creating, distributing, or possessing unlawful deepfake images involving minors. Offenders could face a mandatory prison sentence of five to 20 years, a fine of up to $10,000, or both. Louisiana to hand offenders 20 years and a $10,000 fine Deepfakes, which are AI-generated videos that manipulate and fabricate individuals, places, and…

    Article 2023年7月10日

  • India spearheads cross-border CBDC payment solutions

    TL;DR Breakdown India is spearheading the adoption of its digital currency, the digital rupee, for cross-border payments. The Reserve Bank of India (RBI) is in discussions with 18 countries to use the digital rupee for foreign trade. This initiative helps conserve India’s US dollar reserves and could aid countries with dollar shortages. Description Embracing the promise of the digital future, India is paving the way for transforming the landscape of cross-border payments. Through the ingenuity of the Reserve Bank of India (RBI), the nation is steadily making strides in implementing its Central Bank Digital Currency (CBDC), known as the “digital rupee“. India’s ambitious endeavors in the field are … Read more Embracing the promise of the digital future, India is paving the way for transforming the landscape of cross-border payments. Through the ingenuity of the Reserve Bank of India (RBI), the nation is steadily making strides in implementing its Central Bank Digital Currency (CBDC), known as the “digital rupee“. India’s ambitious endeavors in the field are not confined to its borders. The country is spearheading a massive effort to realize…

    Article 2023年7月7日

  • Hana bank leads South Korea’s quest for secure monetary solutions

    TL;DR Breakdown South Korean banking sector seeks secure alternatives to stablecoins and CBDCs. Hana Bank and Woori Bank actively participate in South Korea’s CBDC exploration. Regulators closely monitor stablecoins while embracing more stable CD tokens. Description The banking sector in South Korea has been actively exploring alternatives to stablecoins and Central Bank Digital Currencies (CBDCs) as they search for secure and efficient monetary options. Leading banks in the region have shown a keen interest in Certificate of Deposit (CD) accounts, indicating a growing trend towards blockchain-based monetary solutions proposed by the … Read more The banking sector in South Korea has been actively exploring alternatives to stablecoins and Central Bank Digital Currencies (CBDCs) as they search for secure and efficient monetary options. Leading banks in the region have shown a keen interest in Certificate of Deposit (CD) accounts, indicating a growing trend towards blockchain-based monetary solutions proposed by the central bank. Hana Bank, a prominent financial institution in South Korea, has internally decided to participate in the CBDC project initiated by the Bank of Korea. As part of this decision,…

    Article 2023年7月25日
TOP