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With the hack of decentralized finance (DeFi) protocol Curve Finance, millions of dollars worth of crypto assets were seized from the protocol. Following the hack, the protocol’s native cryptocurrency CRV began trading at double-digit losses, starting from $0.64 price levels and the TVL of the protocol dropped from $3.2 billion to $1.7 billion, recording a decrease of nearly 50% in the last 24 hours.
Curve Finance Hacked
In recent times, with many DeFi protocols being subjected to various cyber attacks and significant amounts of crypto assets being seized by attackers, security issues in the crypto ecosystem have increased significantly. Cases such as the hijacking of crypto companies’ Twitter accounts and fake token sharing, as well as cyber attacks on DeFi protocols, have become more frequent in recent times.
A hack news came last night. After the hack of Curve Finance, it is estimated that there may have been a loss of up to $70 million in the protocol, although the exact number is not yet known.
Over $1 Billion Decrease in TVL
Decentralized finance protocol Curve Finance experienced a significant loss after the hack. The protocol’s native cryptocurrency CVR suffered high losses, and there was also a decrease of nearly 50% in the total value held in the protocol.
Curve Finance’s native cryptocurrency CRV dropped by more than 10% within hours, falling to $0.64 price levels. According to CoinMarketCap data, CRV also became the cryptocurrency with the highest percentage decrease among high market cap cryptocurrencies in the last 24 hours.
Furthermore, there was a significant decrease in the total value locked (TVL) in the protocol. Curve Finance’s TVL dropped from $3.2 billion to $1.7 billion in the last 24 hours, recording a decrease of over $1 billion, according to DeFiLlama data.
