Category: Cryptocurrency News

After the Aug. 11 Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend.

Curve Finance (CRV), a leading decentralized finance (DeFi) protocol, announced significant progress in its recovery efforts following a recent hack that resulted in losing $73.5 million across several projects within its factory pools. The attack on July 30 exploited a critical security flaw known as a “reentrancy vulnerability,” allowing malicious actors to drain funds from…
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Curve Finance (CRV), a leading decentralized finance (DeFi) protocol, announced significant progress in its recovery efforts following a recent hack that resulted in losing $73.5 million across several projects within its factory pools.  The attack on July 30 exploited a critical security flaw known as a “reentrancy vulnerability,” allowing malicious actors to drain funds from Curve’s smart contracts. Curve Finance Commits To Restitution Process For Hacked Funds In a significant effort, Curve Finance has successfully retrieved 70% of the funds affected by the hack. While this achievement marks an important milestone, an active investigation is underway to recover the remaining balance and hold the perpetrators accountable. Related Reading: Kraken Surges Ahead In Altcoin Liquidity To Overtake Coinbase In US: Kaiko Understanding the gravity of the situation, Curve Finance has also taken proactive measures to ensure a fair and transparent distribution of the recovered funds to affected users. The protocol is diligently working to measure the respective shares of each impacted account, aiming to facilitate an equitable restitution process that prioritizes user protection and trust restoration. Curve Finance’s recovery efforts are further bolstered by their recent announcement of a $1.85 million bounty. This generous reward will be granted to anyone who can provide accurate information leading to the identification and apprehension of the attackers holding the remaining funds.  By offering this substantial bounty, Curve Finance actively encourages community participation and collaboration to expedite the investigation and bring the perpetrators to justice. Curve’s Post-Hack Safety Report Following a thorough investigation, Curve Finance discovered that the exploit primarily targeted the aleth, peth, mseth, and crveth pools.  The vulnerability stemmed from a bug within the vyper 0.2.15-0.3.0 version, which the protocol promptly identified as the root cause of the breach. By swiftly pinpointing the issue, Curve Finance was able to take immediate action to mitigate any further risk to its users. Related Reading: Regulatory Pressure Mounts On Worldcoin, Can WLD Price Recover? It is important to note that all other pools on Curve Finance have been confirmed as safe and unaffected by the exploit, according to Curve’s update. This assurance gives users the confidence to continue utilizing the platform, knowing that their funds remain secure within these pools. Alongside the technical remediation, Curve Finance collaborates with security experts, auditors, and the broader DeFi community to conduct thorough audits and implement additional security measures.  This collaborative approach aims to reinforce the protocol’s resilience and prevent similar incidents in the future. Overall, Curve Finance’s recovery of 70% of the hacked funds, coupled with its ongoing investigation and bounty initiative, underlines the protocol’s commitment to user protection and the broader DeFi community.  According to Token Terminal data, Curve Finance’s circulating market cap currently stands at $518.76 million, reflecting a decrease of 22.29% over the analyzed period.  The fully diluted market cap, which represents the potential future market value of the project, is estimated at $1.97 billion. Curve Finance’s total value locked (TVL), a crucial indicator of the protocol’s popularity and user engagement, currently amounts to $2.44 billion. Despite a decline of 35.19% over the analyzed period, Curve Finance maintains a substantial TVL, highlighting its significance within the DeFi landscape. Featured image from iStock, chart from TradingView.com

Cointelegraph analyst and writer Marcel Pechman explains why the downgrading of U.S. government debt will negatively impact the price of Bitcoin over the next few months.

Sam Bankman-Fried was reportedly led out of a New York courtroom in handcuffs after alleged attempts to influence or intimidate witnesses in his criminal case.

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Curve DAO (CRV) has continued to decline recently. Here’s what on-chain data says regarding if a rebound is probable for the coin anytime soon. What Curve DAO Metrics Hint At Regarding Futures Price Action In a new insight post, the on-chain analytics firm Santiment has recently discussed how the underlying metrics related to CRV have looked. The first relevant metric here is the “Supply Distribution,” which tells us the percentage of the Curve DAO supply each investor group holds. In particular, the cohort of interest here holds between 10,000 and 100 million tokens of the asset. This is an extensive range covering the likes of the sharks and whales. Here is a chart that shows the trend in the holdings of this CRV group over the past year: Looks like the value of the metric has sharply gone up recently | Source: Santiment As displayed in the above graph, the indicator’s value has shot up recently, implying that sizeable Curve DAO investors, such as the sharks and whales, have sharply expanded their reserves. About two weeks back, these holders had been carrying a combined 33% of the circulating supply, but today that value has risen to 41%. “This is a massive ascension and is now the most by far that these sharks and whales have held in well over a year,” notes Santiment. Related Reading: Aptos (APT) Volume Remains Extremely High, More Gains Ahead? This accumulation from these key investors has come right after the big plunge that Curve DAO observed, suggesting that they find the current levels a worthy buying opportunity. Naturally, this is a positive sign for the cryptocurrency’s price. The next indicator of interest here is the “whale transaction count,” which keeps track of the total number of CRV transfers happening on the chain carrying a value of more than $100,000. The value of this metric seems to have been relatively low recently | Source: Santiment When Curve Dao had observed its plunge earlier, the value of this indicator had registered a sharp spike. This means that the whales had been actively making moves back then. Since then, however, the metric’s value has returned to normal, suggesting that these humongous investors aren’t showing any extraordinary activity. Related Reading: Bitcoin Coinbase Premium Surges, Recovery Being Driven By US Investors? As these investors had made many transfers earlier for selling purposes, the indicator calming down could imply that this cohort has stopped applying selling pressure. “With prices still significantly lower than two weeks ago, a follow-up whale transaction spike may be a foreshadow to a quick recovery,” explains the on-chain analytics firm. CRV has been at relatively high levels recently in terms of the development activity (that is, the amount of work that the Curve DAO developers have been putting into the public GitHub repository). The indicator has seen some high values recently | Source: Santiment Generally, a high development activity implies that the coin is still being backed by its developers, which can be one of the signs to look out for to know if a project is still alive and kicking. Santiment said: By no means is 10-14 notable GitHub submissions per day breaking any records, but it is indicative of a team that is still looking to innovate, improve, and move past the recent FUD news that negatively impacted the crowd’s perceptions of it. CRV Price Curve DAO is trading around $0.59 at the time of writing, down 3% in the last week. CRV has been declining recently | Source: CRVUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Santiment.net