Curve Price Prediction as Traders Fret About Possible Curve Finance Founder Liquidation – Where Next for CRV?
Curve (CRV), the native token that powers the CurveDAO (a decentralized autonomous organization) and decentralized exchange (DEX) Curve Finance, is hovering about 3% higher on Thursday near $0.60, still down about 18.5% from its pre-Curve Finance hack highs in the $0.74 area.
Over the weekend, hackers exploited a vulnerability in the Vyper programming language that led to as much as $52 million in funds being drained from a number of decentralized finance projects, with Curve Finance the worst hit.
The hack dealt a devasting blow to confidence in the protocol, which is one of the oldest DEXs, and had been viewed as one of the most “secure” and “battle-tested” decentralized applications (dApps).
Between the 30th of July and 1st of August, total value locked (TVL) in Curve Finance smart contracts dropped as much as $1.7 billion from around $3.77 billion to just above $2.0 billion, as per DeFi Llama.
The capital flight coincided with a sharp drop in the value of Curve’s native CRV token, which fell as much as 35% from its pre-hack levels to hit lows under $0.49 on Tuesday.
In an on-chain message that can be viewed using Etherscan, Curve Finance made an offer to its hacker.
The protocol told the hacker that, if they return the funds, they will let the hacker keep 10% with “no risk of us pursuing this further, no risk of law enforcement issues, etc”.
The protocol set a deadline for the funds to be returned by 0800 UTC on the 6th of August.
After that time, that 10% will become a bounty that can be paid out to any vigilante who provides information that results in the hacker getting caught.
“We will pursue you from all angles with the full extent of the law,” Curve Finance said in the message, prompting Liam Neeson memes – In the Taken
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