Curve Finance To Compensate Funds Lost in Recent DeFi Attack

• The assault, according to one Viper contributor, was likely organized for weeks.
• In exchange for returning the stolen monies, a 10% reward was proposed to the hacker.

Curve Finance, a decentralized finance (DeFi) protocol, has announced that it would pay consumers who were affected by the recent attack that resulted in $62 million in losses.

An official Twitter account said that continuing investigations were providing positive results, with almost 79% of the monies recovered so far. The platform also promised to determine how much each affected user should be reimbursed.

Moreover, the purpose of this evaluation is to guarantee a fair allocation of funds. On July 30, bad actors exploited flaws in previous versions of the Vyper compiler used by Curve Finance.

Well-planned Attack

The perpetrator of the exploit targeted the Vyper compiler from versions 0.2.15 to 0.3.0. Experts in the sector stressed that a high level of expertise and big resources were required to identify the vulnerabilities.

The assault, according to one Viper contributor, was likely organized for weeks before it was carried out. There is also rising fear that Arbitrum’s tri-crypto pool may have been compromised.

The assault sent shockwaves across the whole DeFi community. An in-depth analysis of the hack highlighted a problem in the nascent cryptocurrency industry: the lack of appropriate incentives to detect vulnerabilities in earlier software revisions.

In exchange for returning the stolen monies, a 10% reward was offered to whoever was responsible for the hack. Moreover, Etherscan reported that the total value of the returned money was 4,821 Ether, or $8,891,578.

Highlighted Crypto News Today:

Former President Trump Holds $250,000 Ethereum