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Exploit at Curve Finance Causes Major Losses for Ethereum DeFi Coins and Raises Concerns of a Wider Crash

Several major DeFi coins, including Compound, Aave, Curve, Frax, and Synthetix, have suffered significant losses in the past 24 hours due to an exploit on Curve Finance, which caused around $100 million in damage and triggered a liquidity crisis. The founder of Curve, Michael Egorov, may face liquidation, potentially leading to cascading effects on the DeFi sector and reducing CRV to almost zero. However, the DeFi sector's operations remain unaffected, as they are governed by code and math.

While white-hat hackers may be able to recover some of the misappropriated assets, the situation spreading to other platforms remains a serious concern. The Curve (CRV) price has slightly recovered in the last three hours, rising to $0.57.

Synthetix Synthetix $2.98
+9.15%
DeFi Curve Finance
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