{"id":8715,"date":"2023-12-24T18:20:32","date_gmt":"2023-12-24T18:20:32","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=8715"},"modified":"2023-12-24T18:20:32","modified_gmt":"2023-12-24T18:20:32","slug":"curve-finance-community-decides-on-repayment-restructuring","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/curve-finance-community-decides-on-repayment-restructuring\/","title":{"rendered":"Curve Finance Community Decides on Repayment Restructuring!"},"content":{"rendered":"

The community behind the decentralized finance protocol Curve Finance<\/strong> has decided to repay liquidity providers who suffered from a $61 million attack in July.<\/p>\n

On-chain data confirms that 94% of token owners approved token payments exceeding $49.2 million on December 21 to cover losses of Curve<\/a> (CRV),<\/strong> JPEG (JPEG), Alchemix (ALCX), and Metronome (MET) pools.<\/p>\n

The calculation of losses includes the number of Ethereum and CRV<\/strong> tokens in the pools before the attack as well as the missed CRV<\/strong> emissions to be distributed to liquidity providers in recent months. According to Curve’s offer, the community fund will supply Curve DAO (CRV)<\/strong> tokens. The set amount also includes a deduction for the tokens recovered since the event.<\/p>\n

In this offer, it is stated, \u201cThe total recoverable amount was calculated to be 5919.2226 ETH and 34.733.171,51 CRV to be recovered, with a total of 55.544.782,73 CRV to be distributed.\u201d<\/p>\n

The security incident occurred on July 30<\/strong>, and several DeFi protocols were subjected to stress tests in the following days due to concerns about the impact of the attack on the crypto ecosystem. In July, Curve Finance\u2019s<\/strong> total locked value (TVL) was approximately $4 billion. The affected pools included alETH\/ETH, pETH\/ETH, msETH\/ETH and CRV\/ETH.<\/p>\n

Hacker used Vyper (Curve Finance)<\/span><\/h2>\n

In Curve Finance’s<\/strong> proposal, it stated, “Even if funds stolen in each pool have been either fully or partially recovered, MEV<\/strong> bots left a deficit in all affected pools, and this improvement proposal aims to make affected LPs whole.”<\/p>\n

The hacker exploited a security vulnerability in stable pools using some versions of the Vyper<\/strong> programming language, a popular choice for DeFi protocols because it’s designed for EVM. The bug made Vyper\u2019s 0.2.15, 0.2.16 and 0.3.0 <\/strong>versions susceptible to reentrancy attacks.<\/p>\n

\n

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The community behind the decentralized finance protocol Curve Finance has decided to repay liquidity providers who suffered from a $61 million attack in July. On-chain data confirms that 94% of token owners approved token payments exceeding $49.2 million on December 21 to cover losses of Curve (CRV), JPEG (JPEG), Alchemix (ALCX), and Metronome (MET) pools.<\/p>\n","protected":false},"author":1,"featured_media":8714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[3164,727,93,1291,3165,728],"class_list":["post-8715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-crv-eth","tag-curve-finance","tag-defi","tag-evm","tag-tvl","tag-vyper"],"yoast_head":"\nCurve Finance Community Decides on Repayment Restructuring! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"The community behind the finance protocol Curve Finance has decided to repay liquidity providers who suffered from a $61 million attack.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/curve-finance-community-decides-on-repayment-restructuring\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Curve Finance Community Decides on Repayment Restructuring! 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