1. BITBILIHome
  2. Article

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

• 41 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 Ellipsis reported that a limited number of stable pools with BNB were exploited using an outdated Vyper compiler.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

  • Ripple CEO Questions SEC’s Motive Behind Lawsuits, Citing FTX Failure

    TL;DR Breakdown Ripple CEO suspects that SEC’s lawsuits against crypto exchanges are a diversion from its failure to detect issues with the FTX exchange. Anticipated progress in the XRP versus SEC lawsuit with the release of the Hinman documents, is expected to provide insights into the SEC’s regulatory approach and potentially favor Ripple’s case. In a recent development, Brad Garlinghouse, the CEO of Ripple, has raised concerns about the U.S. Securities and Exchange Commission’s (SEC) lawsuits against two prominent cryptocurrency exchanges. Garlinghouse suspects that the SEC’s actions may be motivated by its failure to identify discrepancies in the financial condition of the FTX exchange, which collapsed in November 2022. The Ripple CEO criticizes SEC Chairman Gary Gensler, accusing him of using these lawsuits as a distraction. As the XRP community rallies behind Ripple, the extent of the SEC’s legal powers in fighting crypto companies is also being questioned. Contents hide 1 Ripple CEO Questions SEC’s Motive Amidst Lawsuits 2 Criticism Mounts Against SEC’s Legal Authority in Crypto Market 3 Progress Expected in XRP Vs. SEC Lawsuit 4 Conclusion Ripple CEO…

    Article 2023年6月12日

  • Glass falls to the bear market

    TL;DR Breakdown Glass, a crypto startup that sought to monetize NFT videos, falls victim to the ongoing bear market The startup intended to create a platform where the creators would directly relate with their fans, which is not the case on Instagram, YouTube, and TikTok. Glass founders tie the reason for closure in that the market demand for NFT videos is not enough to sustain the growth of Glass  Description A venture-backed crypto startup, Glass, is currently falling into the ongoing bear market. The startup, which sought to monetize NFT videos, has announced through its founders, Varun Iyer, and Sam Sands, that it would move away as the market can no longer sustain its growth. With the onset of a bear market that left even … Read more A venture-backed crypto startup, Glass, is currently falling into the ongoing bear market. The startup, which sought to monetize NFT videos, has announced through its founders, Varun Iyer, and Sam Sands, that it would move away as the market can no longer sustain its growth. With the onset of a bear market…

    Article 2023年9月9日

  • Iran joins China and Russia’s SCO – Details

    TL;DR Breakdown Iran has become a full member of the Shanghai Cooperation Organisation (SCO), an economic and security bloc led by Russia and China. This development signals a major shift in international relations, positioning SCO as a strong counterweight to Western-led bodies. The SCO, covering about 60% of Eurasia and 40% of the world population, continues to expand its influence. Description In a defining geopolitical shift, Iran has made its way into the prestigious fold of the Shanghai Cooperation Organisation (SCO), an influential bloc led by Russia and China, further expanding its reach and presenting a robust counterweight to Western-led international bodies. This development, alongside the deteriorating relationship between the SCO’s founders and the West, implies … Read more In a defining geopolitical shift, Iran has made its way into the prestigious fold of the Shanghai Cooperation Organisation (SCO), an influential bloc led by Russia and China, further expanding its reach and presenting a robust counterweight to Western-led international bodies. This development, alongside the deteriorating relationship between the SCO’s founders and the West, implies a deepening change in the global…

    Article 2023年7月6日

  • Russia’s digital ruble set to pilot amid economic challenges

    TL;DR Breakdown Russia is initiating a digital Ruble pilot, despite economic challenges and international isolation from the Ukraine conflict. The Federation Council has passed legislation approving the digital Ruble. Tests may begin next month. The digital Ruble could ease cross-border payments and increase internal transaction transparency. Description As the global economy steers towards digitization, Russia propels its own monetary evolution by piloting the digital Ruble, an innovation maneuvered in the midst of formidable economic obstacles. Overcoming international isolation due to the Ukraine conflict, Russia’s journey into the digital currency realm manifests the nation’s resilience and strategic foresight. The launch of Russia’s digital … Read more As the global economy steers towards digitization, Russia propels its own monetary evolution by piloting the digital Ruble, an innovation maneuvered in the midst of formidable economic obstacles. Overcoming international isolation due to the Ukraine conflict, Russia’s journey into the digital currency realm manifests the nation’s resilience and strategic foresight. The launch of Russia’s digital ruble The blueprint for Russia’s digital currency received a green light from the Federation Council, Russia’s upper house of parliament….

    Article 2023年7月20日

  • Qatar criticized for inaction against crypto firms

    TL;DR Breakdown Qatar is facing criticism for its inadequate measures in combating money laundering and terrorist financing related to cryptocurrency firms. The FATF-MENAFATF evaluation report commends the country’s understanding of these risks but suggests it needs to better comprehend more complex forms. Despite its risk-based approach to financial sector supervision, its control over the non-financial sector, including crypto firms, needs enhancement. Qatar, the wealthy Middle Eastern nation known for its towering skyscrapers and burgeoning economy, has recently drawn significant attention for its involvement in the global cryptocurrency arena. However, this focus has not been entirely positive. Criticism is rising against Qatar for its perceived inadequacies in addressing money laundering and terrorist financing issues linked to cryptocurrency firms. Evaluating Qatar’s anti-money laundering efforts According to the Financial Action Task Force (FATF), an intergovernmental body aimed at combating money laundering and terrorist financing, Qatar has shown commendable progress in enhancing its defensive systems against these illicit activities. Despite this, concerns remain about the effectiveness of these measures in tackling criminal activities associated with digital currency platforms. Qatar, despite its size, boasts a…

    Article 2023年6月6日
TOP