Ethereum

Curio

Curio Gas Token

World

Million

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-firm-curio-hit-by-16-million-smart-contract-hack/" data-wpel-link="internal">Crypto Firm Curio Hit by $16 Million Smart Contract Hack</a><br></p>
<p class="p1" style="text-align: justify">Real World Asset (RWA) liquidity firm <strong>Curio</strong> fell victim to a smart contract attack involving a critical security vulnerability related to voting power privileges, which allowed the attacker to steal $16 million in crypto assets. Curio alerted its community about the attack and emphasized that they were addressing the situation. The company revealed that a MakerDAO-based smart contract used within Curio was breached.</p> 
<h2 class="p1" style="text-align: justify" id="the-16-million-hack-attack">The $16 Million Hack Attack</h2> 
<p class="p1" style="text-align: justify">The company assured its users that the attack only affected the <a href="https://en.coin-turk.com/ethereums-supply-surge-in-exchanges-and-its-potential-impact-on-price/" data-wpel-link="internal">Ethereum</a> side and that all <a href="https://en.coin-turk.com/polkadot-price-analysis-dot-price-moves-between-3-95-support-and-4-3-resistance/" data-wpel-link="internal">Polkadot</a> and Curio Chain contracts remained secure. <a href="https://en.coin-turk.com/paypal-takes-a-historic-step-major-move-for-direct-crypto-trading-transactions/" data-wpel-link="internal">Web3</a> security firm <strong>Cyvers</strong> estimates the losses from the attack to be around $16 million. The security firm stated that the attack involved a permission access logic security vulnerability.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-333479" src="https://coin-turk.com/wp-content/uploads/2024/03/cyvers.jpg" alt="" width="500" height="340"></p> 
<p class="p1" style="text-align: justify">On March 25th, Curio released a post-mortem of the attack and a compensation plan for affected users. The report highlighted that the issue was a flaw in the access control of voting power privileges. This allowed the attacker to acquire a small number of Curio Governance (CGT) tokens, gain access to the project’s smart contract, and increase voting power.</p> 
<p class="p1" style="text-align: justify">With the elevated voting power, the attacker was able to execute a series of actions that allowed the unauthorized minting of 1 billion <strong>CGT</strong>.</p> 
<h2 class="p1" style="text-align: justify" id="noteworthy-steps-from-the-curio-team">Noteworthy Steps from the Curio Team</h2> 
<p class="p1" style="text-align: justify">In the report, <strong>Curio</strong> stated that all funds affected by the attack would be refunded. The team announced the release of a new token called CGT 2.0. With the new token, the team promised to restore 100% of the funds for CGT holders. For liquidity providers, Curio said it would run a compensation fund program. The team explained that payments would be made in four stages, each lasting 90 days. While this step could mean full payment may take up to a year, the team shared the following statement regarding the matter:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“The compensation program will consist of four consecutive stages, each lasting 90 days. In each stage, 25% of the losses incurred by the second token in the liquidity pools will be compensated in USDC/<a href="https://coin-turk.com/banka-bu-ay-dev-altcoine-destegini-baslatacak" data-wpel-link="internal">USDT</a> parity.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">The company also said it would reward white-hat hackers who could help recover the lost funds. The team announced that hackers could receive a reward equivalent to 10% of the funds recovered in the first stage of recovery.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/crypto-firm-curio-hit-by-16-million-smart-contract-hack/" data-wpel-link="internal">Crypto Firm Curio Hit by $16 Million Smart Contract Hack</a></h5>

Crypto Firm Curio Hit by $16 Million Smart Contract Hack

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