Curve Finance (CRV) Exploit Saga Takes New Turn

DeFi protocol Curve Finance on Wednesday said CRV/ETH attackers need to return funds to the Curve DAO ownership address. The new development comes after exploiters failed to return funds within the stipulated deadline and Curve Finance extend the bounty to anyone who identify the exploiters for a conviction in the court.

Curve Finance Exploiter to Return Funds?

Curve Finance on August 9 again asked CRV/ETH exploiter to return funds to Curve DAO Ownership agent wallet address “0x4090.” It’s unclear whether exploiters again contacted Curve to return the remaining funds.

CRV/ETH exploiter will need to return funds to the Curve DAO Ownership agent at 0x40907540d8a6c65c637785e8f8b742ae6b0b9968

— Curve Finance (@CurveFinance) August 9, 2023

Curve Finance earlier extended the bounty to the public for a reward valued at 10% of the remaining exploited funds as the deadline passed. Anyone who identifies the exploiter in a way that leads to a conviction in the courts will get $1.85 million in reward.

Meanwhile, Curve Finance founder Michael Egorov is above halfway to paying off his $80 million debt through OTC sales of CRV tokens. Since the sale of CRV through OTC began on August 1, Curve founder has sold nearly 145 million CRV to 31 investors and institutions in exchange for almost $60 million in funds.

Also, the Aave community has blocked Curve DAO Token (CRV) borrowing to prevent the liquidation risk of Curve Finance founder Michael Egorov’s debt that could trigger a contagion and possibly a DeFi crash.

Also Read: Shiba Inu Lead Developer Hints At Imminent Shibarium Mainnet Release

CRV Price Above Liquidation Level

Michael Egorov is under liquidation pressure as CRV price fell after the $61 million hack. DeFi platforms such as Aave will sell CRV collaterals if CRV price hits $0.368, which could trigger contagion and potentially a DeFi crash.

CRV price jumps 1% in the past 24 hours, with the price currently trading at $0.60. The 24-hour low and high are $0.597 and $0.616, respectively. The price soared 10% after attackers started to return funds, but the momentum has slowed.

Also Read: Terra Luna Classic L1 Developer Team Announces Core Upgrade, LUNC To Recover?

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.