Curve Finance Founder Receives Support After Recent Exploit
A recent exploit on the decentralized exchange, Curve Finance, resulted in a significant loss of funds. However, Curve Finance founder, Michael Egorov, received support from various backers, including Justin Sun, which helped decrease the principal value of his loan on Aave.
Key Points:
- Curve Finance faced a vulnerability in the Vyper programming language, leading to an exploit where hackers seized approximately $52 million in crypto assets.
- The attack caused a sharp decline in the price of CRV tokens, increasing the risk of liquidation for Egorov’s loans.
- Justin Sun, CEO of Tron Foundation, and other notable figures from the defi space stepped in to support Egorov.
- DCF God and Jeffrey Huang also purchased CRV tokens from Egorov to assist him.
- The partnership between TRON and CRV on stUSDT was announced, aiming to empower the community and forge decentralized finance.
Hot Take: The swift support from Justin Sun and others demonstrates the collaborative nature of the crypto community in times of crisis. It also highlights the importance of partnerships and solidarity in the decentralized finance space.
By
By
By