As a researcher with a background in cybersecurity and blockchain technology, I’m always on the lookout for new vulnerabilities and potential threats in decentralized finance (DeFi) protocols. The recent discovery of a reentrancy vulnerability in Curve Finance by pseudonymous researcher Marco Croc from Kupia Security was both intriguing and concerning.
As a security analyst, I recently uncovered a significant vulnerability in cryptocurrency protocols that has previously enabled hackers to steal large sums of money. For my discovery, I was rewarded with a $250,000 bounty.
A cybersecurity expert named Marco Croc, who works pseudonymously at Kupia Security, has discovered a security weakness, specifically a reentrancy issue, in the decentralized finance (DeFi) platform called Curve Finance.
In a recent discussion on X forum, I came across an insightful post where someone outlined the mechanism of a bug that could be leveraged to distort balance figures and siphon off funds from liquidity pools.
Marco Croc brought to light significant security concerns in Curve Finance’s system, which the team took seriously and conducted a comprehensive examination. As a result of this discovery, Curve Finance granted Marco Croc their highest bug bounty reward of $250,000.
Based on Curve Finance’s assessment, the risk was deemed “not overly threatening.” They were confident that they could retrieve the stolen assets if such an incident occurred.
The protocol warned that even a minor security incident might have triggered significant alarm. or The protocol indicated that a security incident, regardless of size, could potentially cause considerable alarm.
Recently, Curve Finance managed to bounce back after suffering a significant loss of $62 million in hacking incidents that occurred in July. In an effort to restore normalcy, the decentralized finance (DeFi) platform held a vote and agreed to compensate liquidity providers (LPs) for $49.2 million worth of assets.
According to on-chain records, approximately 94% of tokenholders have given their approval for the distribution of tokens valued at around $49.2 million to compensate for the losses incurred by the Curve, JPEG‘d (JPEG), Alchemix (ALCX), and Metronome (MET) pools.
In accordance with Curve’s proposition, the community pool will contribute CRV tokens to the Curve DAO. The total sum takes into account the tokens that have been recouped following the incident.
In the given proposal, the calculated values for ETH (ETH), CRV, and the total to distribute are presented. Specifically:
A hacker took advantage of a weakness in certain editions of Vyper’s stable pools, specifically versions 0.2.15, 0.2.16, and 0.3.0. This vulnerability exposed these iterations to reentrancy attacks.
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2024-05-01 13:37