Growing Security Issues in the DeFi Ecosystem - COINTURK NEWS
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Growing Security Issues in the DeFi Ecosystem

6:14 pm (48 days ago)
August 4, 2023

As decentralized finance (DeFi) protocols face increasing cyber attacks, security issues in the DeFi ecosystem have also seen a significant rise in recent times. The hacking of Curve Finance resulted in the seizure of millions of dollars worth of crypto assets. Following the protocol’s hack, CRV, which rapidly lost value, has dropped by nearly 20%.

Security Problem in the DeFi Ecosystem is Growing

The recent cyber attacks on numerous DeFi protocols and the seizure of millions of dollars worth of crypto assets by attackers have shown a substantial increase in security issues in the decentralized finance ecosystem. During this process, the security problems faced by the protocols have been increasing, and another hacking news was announced at the beginning of the week.

With the hacking of Curve Finance, millions of dollars worth of cryptocurrencies were seized from the protocol. Along with the severe loss of value after the hack, the total TVL amount in the decentralized finance ecosystem also experienced a significant decrease.

Furthermore, CRV, which rapidly declined after the hack, started trading at around $0.58, recording a value loss of nearly 20% during the week.

CRV Faces a 20% Value Loss

Following the hacking of the DeFi protocol Curve Finance and the seizure of millions of dollars worth of crypto assets from the protocol, CRV, which rapidly declined, experienced a strong downward momentum during the week. The native cryptocurrency of Curve Finance, CVR, lost nearly 20% of its value within the past week, trading at around $0.58.

Continuing the downward price movements throughout the day, CRV recorded an average loss of 0.5%, and its total trading volume also decreased by nearly 40% in the past 24 hours. Additionally, according to CoinMarketCap (CMC) data, CRV ranked among the top three cryptocurrencies with the highest percentage value loss in the past week among the top 100 cryptocurrencies by market capitalization.

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