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South Korean cryptocurrency exchange Upbit has announced the suspension of deposits and withdrawals for Curve Finance’s CRV token. This decision comes after the cryptocurrency exchange experienced a series of issues following a reentrancy vulnerability in certain versions of the Vyper compiler associated with Curve Finance.
Statement from Upbit Regarding CRV
Upbit, South Korea’s largest cryptocurrency exchange, has suspended deposits and withdrawals for Curve Finance’s CRV token. In an announcement regarding the matter, the cryptocurrency exchange stated, “Today, certain security vulnerabilities were discovered in some stablecoin pools associated with Curve (CRV).”
The announcement also advised caution when making any investment decisions related to the CRV token, stating, “As a result, the CRV price is currently experiencing significant volatility. We recommend exercising caution when considering any investment decision involving the CRV token.”
According to data provided by cryptocurrency data platform CoinMarketCap, the CRV token has experienced a decrease of over 10% in the past 24 hours, trading at $0.6466. It was observed that the price of the altcoin dropped to $0.59 before recovering some of its value following the attack.
DeFi Protocol Curve Finance Faces Challenges
Curve Finance, a decentralized finance (DeFi) protocol, fell victim to a security vulnerability known as a reentrancy vulnerability, which allowed potential draining of funds from uninterrupted contract calls. Significant outflows from the protocol were associated with interactions exploiting the reentrancy vulnerability in certain versions of the Vyper compiler.
Curve Finance provided information about the Vyper issue in a tweet, stating, “Versions 0.2.15, 0.2.16, and 0.3.0 of Vyper were vulnerable to faulty reentrancy locks. Our investigations are ongoing, but any project relying on these versions should contact us immediately.”
Furthermore, minutes before a white hat rescue operation was initiated to safeguard funds, millions of CRV tokens were stolen, causing panic.