cryptonews.net
CRV, the native token of stablecoin-focused decentralized exchange Curve Finance, which suffered an exploit late Sunday, is trading significantly higher on South Korean digital asset exchange Bithumb. Widely regarded as the backbone of the decentralized finance (DeFi) ecosystem, Curve has been the victim of a reentrancy attack that compromised $100 mln worth of digital assets.
As a result, the dollar-denominated price of CRV fell by more than 15%, threatening to liquidate a significant leverage position on Aave and raising the risk of infection throughout the market. However, the price of CRV, denominated in Korean won (KRW), rose sharply. At the time of writing, the CRV/KRW pair is trading at KRW 5,565 ($4.36) on Bithumb, up 500% on the day, according to TradingView.
According to Upbit, some of Curve's stablecoin pools have suffered the reentrancy attack that are responsible for CRV volatility. Upbit has suspended CRV withdrawals and deposits to ensure the security of digital asset transactions. At the time of writing, the CRV/BTC pair is trading up 55% on Upbit. Despite the exploit, some prominent industry players remain confident in CRV's long-term prospects.
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