Curve Finance recovers $51 million from recent hack; network growth declines by 74%
|- Curve Finance team updated on Twitter that 70% of the total $73.5 million hacked were recovered.
- The team noted that one of the liquidity pools is still vulnerable, but no possibility of an exploit has been identified.
- Following the hack, the project noted an increase in traction as new addresses flocked to Curve, which over the past week has declined by 74%.
Curve Finance fell victim to an exploit earlier last week and lost a chunk of the money deposited on the platform’s liquidity pools. While a part of the money has been recovered, the investors that suddenly gained interest in the project are also slipping away now that Curve is returning to normalcy.
Curve Finance recovers hacked assets
Curve Finance team on Friday announced that it had recovered about 70% of the total amount it lost during an exploit at the beginning of August. The hackers through the exploit, managed to steal nearly $73.5 million, of which more than $51 million has been taken back by the team while the attempt to recover the rest of the amount continues.
The team stated,
“...active investigation with regards to the rest is underway. In the meantime, we are also working on measuring the respective shares of each affected user with the goal of proper distribution.
Additionally, the team also provided a post-hack safety report identifying the affected pools and their current status. Curve Finance noted four pools that were affected due to a bug, and while the other pools were returned to safe status, one pool still remains vulnerable. The arbitral-tri crypto pool can be affected by the vulnerability, according to the Curve team, but the possibility of an exploit was not identified.
The hack last week pushed Curve Finance into the spotlight resulting in a sudden burst of investors that skyrocketed the network strength of the protocol. The network strength is the rate at which new addresses are formed on the network, in effect measuring the traction of the project.
The sudden spike did not last long, though, as over the past week, the network strength declined by 74%, however, it did not slip too far below the previous average.
Curve network strength
Thus, as the remaining amount is recovered, investors would also comfortably go back to as they were providing both CRV and the protocol an opportunity to move forward without the label of being a fall risk.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.