Aave

Alchemix

Metronome

Elon Musk

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 <p>The perpetrator of the $61 million Curve Finance heist on July 30 has returned some of the stolen CRV funds.</p> 
 <p>The market has responded positively to this development, pumping CRV’s price. As per the latest data from CoinMarketCap, there has been a 1% increase in the last 24 hours, with a similar boost in the token’s market capitalization.</p> 
 <h2 id="strong-defi-heist-that-cost-millions-strong"><strong>DeFi Heist That Cost Millions</strong></h2> 
 <p>On July 30, a reentrancy bug allowed for a hack on the Curve Finance protocol, which resulted in the loss of around $61 million in cryptocurrency.</p> 
 <p>That bug allowed attackers to manipulate a smart contract and steal assets by repeatedly sending software commands to a protocol.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">1/ The $50M Curve hack 🧵: a simplified explanation to @vyperlang #Vyper's enabled reentrancy vulnerability #ELI5 https://t.co/DZihDOLqo0</p> 
  <p>— Tal Be'ery (@TalBeerySec) July 31, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>The assault was linked to flawed Vyper code, which runs some of the Curve system’s programming.</p> 
 <p>This exploit impacted several stable pools programmed in Vyper, including the Alchemix Finance alETH-ETH, JPEG-pETH-ETH, and Metronome sETH-ETH pools.</p> 
 <p>Soon after the attack came to light, some impacted protocols quickly offered a reward for returning the stolen funds.</p> 
 <h2 id="strong-announce-of-bounty-and-return-of-funds-strong"><strong>Announce of Bounty and Return of Funds</strong></h2> 
 <p>On August 3, Curve, Metronome, and Alchemix announced a 10% bounty of the stolen CRV funds as a reward, pleading with the exploiter(s) to return the other 90%.</p> 
 <p>The attackers listened and started returning the stolen assets stolen a few days back, less than 24 hours after the offer.</p> 
 <p>Eventually, all the $22 million worth of ether (ETH) and derivatives taken from the lending protocol AlchemixFi were returned.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">We are extremely happy to announce that all funds stolen by the hacker of the Alchemix @CurveFinance pool have now been returned.</p> 
  <p>Full post mortem coming.</p> 
  <p>— Alchemix (@AlchemixFi) August 5, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>A trading bot returned 90% of ETH looted from JPEGd, while ethical hacker “c0ffeebabe.eth” returned nearly $6 million from the Curve trading pool and Metronome synthetic protocol.</p> 
 <p>In an on-chain message that appears to have been addressed to the Alchemix and Curve teams, the hacker said, “I’m refunding not because you can find me; it’s because I don’t want to ruin your project.”</p> 
 <h3 id="strong-funds-still-missing-strong"><strong>Funds Still Missing</strong></h3> 
 <p>$18 million of funds are still missing, prompting Curve Finance to open the bounty to the public. “We now extend the reward to the public and offer a reward valued at 10% of remaining exploited funds (currently $1.85M) to the person who can identify the exploiter in a way that leads to a conviction in the courts,” it announced on Saturday.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">#PeckShieldAlert A total of ~$73.5M worth of cryptos on #Ethereum were stolen in the #Curve Reentrancy exploit. So far, ~73% of them (~$52.3M) have been returned. </p> 
  <p>The remaining ~$19.7M worth of cryptos on #Ethereum have not yet been returned by the 1st Curve CRV-ETH exploiter… pic.twitter.com/hU4v1UATeh</p> 
  <p>— PeckShieldAlert (@PeckShieldAlert) August 7, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>The protocol added, “If the exploiter chooses to return the funds in full, we will not pursue this further.”</p> 
 <h2 id="strong-curve-dao-price-soars-on-news-strong"><strong>Curve DAO Price Soars On News</strong></h2> 
 <p>The Curve DAO has received this news positively, with the CRV price experiencing a double-digit spike on the daily charts.</p> 
 <p>The upper wicks of the green candles on the 4th and 5th of August show an 11% increase.</p> 
 <p><img decoding="async" class="aligncenter size-full wp-image-427419" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201433%201169'%3E%3C/svg%3E" alt="CRV daily chart" width="1433" height="1169" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/08/07/a29ba42e4a6935eadd38ceca06211441.webp 1433w, https://cdn.thebittimes.com/images/2023/08/07/a29ba42e4a6935eadd38ceca06211441.webp 300w, https://cdn.thebittimes.com/images/2023/08/07/a29ba42e4a6935eadd38ceca06211441.webp 1024w, https://cdn.thebittimes.com/images/2023/08/07/a29ba42e4a6935eadd38ceca06211441.webp 768w" data-lazy-sizes="(max-width: 1433px) 100vw, 1433px" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/07/a29ba42e4a6935eadd38ceca06211441.webp"> 
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 <p>For the past two days, however, the price has stabilized. Also, there has been a significant drop in CRV’s trading volume – by 46.23%. At 8:27 am EST, the DAO token is trading at $0.62.</p> 
 <h2 id="related-articles">Related Articles</h2> 
 <ul> 
  <li>Gauntlet Report Raises Alarm on $176M CRV Position Held by Aave</li> 
  <li>Senate DeFi Bill Slammed by Think Tank as “Messy” and “Unconstitutional“</li> 
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CRV Price Soars as Hacker Returns Funds

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TheBitTimes

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