Crypto Exchange Upbit Suspends CRV Transactions As $100M At Risk In Curve Finance Hack
Portfolio Pulse from Murtuza Merchant
South Korean cryptocurrency exchange Upbit has temporarily halted deposits and withdrawals for Curve (CRYPTO: CRV) due to a significant security exploit. The attack on Curve Finance risked $100 million worth of digital assets and caused CRV's dollar-denominated price to drop by over 15%. The price drop threatened the liquidation of a significant borrowed position on Aave (CRYPTO: AAVE), raising the risk of market-wide contagion. However, an MEV bot operator managed to recover approximately $5.4 million and returned it to Curve Finance.
July 31, 2023 | 2:39 pm
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NEGATIVE IMPACT
The drop in CRV's price threatened the liquidation of a significant borrowed position on Aave, raising the risk of market-wide contagion.
The drop in CRV's price due to the security exploit threatened a significant borrowed position on Aave. This could lead to a decrease in AAVE's price due to the increased risk.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75
NEGATIVE IMPACT
Curve's price dropped by over 15% due to a security exploit, threatening a significant borrowed position on Aave.
The security exploit on Curve Finance caused a significant drop in CRV's price. This could lead to a decrease in investor confidence and a further drop in price.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100