Stablecoin

Million

Ellipsis

Elon Musk

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 <p>Curve stablecoin exchange suffered a cyber attack leading to losses of $50 million due to vulnerabilities in some version of Vyper programming language.</p> 
 <p>Vyper tweeted that its 0.2.15, 0.2.16 and 0.3.0 versions are vulnerable to malfunctioning of so-called reentrancy locks.</p> 
 <h2 id="strong-curve-finance-suffers-an-exploit-strong"><strong>Curve Finance Suffers an Exploit</strong></h2> 
 <p>Unlike other exchanges which use middlemen, Curve Finance uses smart contracts to provide users with services such as stablecoin borrowing, lending, and trading. These smart contracts can be written in a variety of languages including Solidity, Yul, and Vyper.</p> 
 <p>According to Vyper, any projects using the 0.2.15, 0.2.16, and 0.3.0 versions of the languages are vulnerable to malfunctioning reentrancy locks. Reentrancy is a common flaw that lets attackers fool a smart contract by repeatedly calling a protocol in order to take money.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">PSA: Vyper versions 0.2.15, 0.2.16 and 0.3.0 are vulnerable to malfunctioning reentrancy locks. The investigation is ongoing but any project relying on these versions should immediately reach out to us.</p> 
  <p>— Vyper (@vyperlang) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>Using this vulnerability, Curve Finance reported that hackers were able to drain some stablecoin pools on the platform, used for pricing and liquidity on a number of different DeFi services. Since Curve is not the only platform that uses Vyper, other projects that use the language are also susceptible to the same vulnerability.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop.</p> 
  <p>Other pools are safe. https://t.co/eWy2d3cDDj</p> 
  <p>— Curve Finance (@CurveFinance) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>According to Curve Finance CEO, Michael Egorov, the crv/eth swap pool was drained of 32 million CRV tokens, the platform’s native token, worth over $22 million. In addition, the company revealed that $13.6 million was stolen from Alchemix’s alETH-ETH and $11.4 million left JPEGd’s pETH-ETH pool.</p> 
 <p>An additional $1.6 million was also taken from Metronome’s sETH-ETH pool bringing the total loss up to at least $48.6 million worth of crypto. The platform also warned that the Tricrypto pool, made of three tokens: USDC, wBTC, and ETH was potentially affected. “Auditors and Vyper devs could not find a profitable exploit, but please exit that one,” Curve warned.</p> 
 <p>In total, the vulnerability has put over $100 million worth of crypto assets at risk across various pools on the platform.</p> 
 <p>Additionally, another BNB Chain-based exchange, Ellipsis, has disclosed that a couple of swap pools were also exploited as a result of the Vyper vulnerability. The platform is yet to release the specific value of assets lost.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">A small number of stablepools with BNB using an old Vyper compiler have been exploited.</p> 
  <p>We are assessing the situation and will update the community on any further findings. https://t.co/pxkhRRSr5w</p> 
  <p>— Ellipsis (@Ellipsisfi) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <h2 id="strong-curve-exploit-triggers-strong-strong-defi-panic-strong"><strong>Curve Exploit Triggers </strong><strong>DeFi Panic</strong></h2> 
 <p>The attack caused fear throughout the DeFi ecosystem, resulting in a wave of pool transactions and a white hat rescue effort. Curve Finance has been able to recover some funds courtesy of&nbsp;‘c0ffeebabe.eth’, a bot operator, who returned 2,879 ETH, or around $5.5 million at today’s values, to the platform.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">c0ffeebabe.eth frontruns another one for 2879 ETH pic.twitter.com/RCqLaJMaZv</p> 
  <p>— Spreek (@spreekaway) July 30, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>As a result of the panic, the lending and borrowing protocol Aave turned off its CRV borrowing feature. Egorov owes a huge $100 million CRV debt on Aave, and if CRV prices increase further and hit the liquidation level, the protocol will be forced to liquidate the CRV positions.</p> 
 <p>According to Coinmarketcap, the CRV token price has dropped by over 12% following the exploit, to trade at $0.6386 at the time of writing. As such, the South Korean exchange, Upbit has suspended any deposits or withdrawals of the token.</p> 
 <p>“Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV),” the exchange said adding “As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV.”</p> 
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Curve Stablecoin Exchange Hit by $50 Million Cyber Attack Due to Vyper Vulnerability

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