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According to an image of the protocol's wallet on Twitter late Tuesday, thieves stole about $570,000 from the decentralized finance (DeFi) system Curve Finance. Following that declaration, the protocol's administrators announced through Telegram that they had identified and resolved the issue. They requested the users if they had approved any contracts on Curve recently, to revoke them immediately. Additionally, the protocol suggested that users use curve exchange until curve fi propagation returns to normal. https://twitter.com/CurveFinance/status/1557107088962224132?ref_src=twsrc%5Etfw
Curve Finance: Essential Component of DeFi Ecosystem
Due to its CRV token incentive emissions, which provide money for several other protocols, Curve Finance is a crucial component of the DeFi ecosystem. The alleged hacker modified the protocol's domain name system (DNS) entry, redirecting users to a false clone, and authorized a fraudulent contract. But there was no breach of the program's contract. In response to the attack, the protocol instructed people to avoid using curve.fi and curve.exchange until the protocol's administrators could identify the exploit's source.
"We are becoming aware of a potential front-end issue approving a bad contract," the Telegram announcement read. "For now, please do not perform any approvals or swaps. We're trying to locate the issue, but for now, for your safety, do not use Curve.fi or curve.exchange."
Curve is the latest crypto platform to be hacked this month alone. Others that experienced exploits in August include Nomad Bridge, Solana, and Zb.com.