invezz.com
Decentralized finance (DeFi) protocol Curve Finance (CRV) has revealed a massive bounty hunt, offering a staggering $1.85 million reward to anyone identifying the hacker who stole more than $61 million from the network on 30 July.
Curve Finance's got a wild bounty hunt going on! 🕵️♂️ They're offering a jaw-dropping $1.85M reward to unmask the elusive exploiter who played a sneaky game with their platform. 🔍😎 .#CurveFinance#cryptocurrency
— Sarika.bnb 💜 🔌🛸🥦🐐 (@Sarika4088) August 7, 2023
Curve Finance extends bounty rewards to public
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Curve Finance and other impacted protocols declared a 10% bug reward (over $6M) to the exploiter on 3 August. Surprisingly, the intruder accepted the offer and returned assets to the NFT-staking site JPEGd and loan-repaying platform Alchemix, though not to other crushed pools.
On Sunday, Curve Finance revealed that the deadline for the intruder to return stolen funds and retain 10% without consequences had passed. Meanwhile, the protocol has now extended the reward to the public, offering a mouth-watering $1.85 million (10% of the remaining scammed money) to individuals that can unmask the hacker.
Curve Finance advised the perpetrator to return all the funds to avoid a court conviction.
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Curve’s pools lost around $61 million in cryptocurrency following the 30 July hack, including $1.6M from Metronome’s Seth-eth, $11.4M from JPEGd, and $13.6M from Alchemix.
The exploit saw multiple Curve Finance protocols crashing on total value locked, according to DeFiLlama. Also, Invezz.com reported how CRV tokens resorted to relentless plunges following the hack (read more).
DeFi remains vulnerable
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While the latest Curve attack saw increased efforts to recover the exploited funds, it exposed vulnerability within the decentralized finance sector. The perpetrator used susceptible Vyper programming language to attack stable pools.
Challenges of DeFi:
— C_Genti 𝕏 👽 (@Crypto_Genti) August 7, 2023
Security Concerns: DeFi platforms can be vulnerable to smart contract bugs and hacks, leading to potential financial losses
User Experience: The user experience on DeFi platforms can be challenging for non-tech-savvy individuals, hindering mainstream adoption
Security concerns continue to scare users due to possible financial losses, hindering DeFi’s mainstream acceptance.
CRV continues attempted recoveries, trading at $0.6139 at press time following a 0.11% 24hr increase. The altcoin painted its seven-day chart red. Curve’s token lost around 4.30% over the past week.
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