Token

No one

UwU Lend

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/curve-ceo-addresses-uwu-lend-hack-and-crv-token-issues/" data-wpel-link="internal">Curve CEO Addresses UwU Lend Hack and CRV Token Issues</a><br></p>
<p style="text-align: justify">The leading cryptocurrency is trading at $66,700, and <a href="https://en.coin-turk.com/inj-coin-2024-forecast-expectations-and-price-predictions/" data-wpel-link="internal">altcoin</a> sales have weakened. One of this week’s most significant developments was the UwU Lend attack. The Curve CEO made important statements to clear up misinformation. What did he say?</p> 
<h2 style="text-align: justify" id="uwu-lend-hack">UwU Lend Hack</h2> 
<p style="text-align: justify">The Curve CEO spoke about the UwU Lend hack and the CRV token burn. Michael Egorov has been in the spotlight during many <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> downturns. Speculative traders targeting the liquidation price of his DeFi position have often triggered significant losses in the CRV Coin price through social media discussions.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-362921 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/Curve-CEO.png" alt="" width="682" height="548"></p> 
<p style="text-align: justify">Egorov made the following statements regarding recent events:</p> 
<blockquote> 
 <p style="text-align: justify">“This was not an exploitation of Curve Finance. It was an exploitation of a separate project (UwU Lend). As part of the cash-out game, the hacker deposited the CRVs taken from UwU into lendcurvefi (LlamaLend) and disappeared with the funds, leaving the debt in the system.”</p> 
</blockquote> 
<p style="text-align: justify">To prevent similar attacks in the future, he suggested “revalidating all contracts and having them reviewed by good security auditors.”</p> 
<h2 style="text-align: justify" id="crv-coin-burn">CRV Coin Burn</h2> 
<p style="text-align: justify">There was a lot of misinformation, which also triggered recent CRV Coin price fluctuations. Egorov made statements on this matter as well. These statements were crucial to preventing the spread of false information on social media:</p> 
<blockquote> 
 <p style="text-align: justify">“This information was tweeted by a fake (impersonator) account, accompanied by a scam link. Several journalists did not verify the news and published it.”</p> 
</blockquote> 
<p style="text-align: justify">So, what are the positions of the Curve CEO?</p> 
<blockquote> 
 <p style="text-align: justify">“The CRVs sent as collateral for loans likely accounted for about 30% of the circulating supply; half of this was in Curve, so indeed some doubtful receivables were formed. It was already repaid. No one was affected. For smaller cryptos (e.g., not BTC or ETH as collateral), debt ceilings should probably be provided; <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that Curve-specific markets can be well parameterized to withstand these conditions.”</p> 
</blockquote> 
<p style="text-align: justify">Egorov also mentioned that steps could be taken regarding open-source liquidation bots in the future.</p> 
<blockquote> 
 <p style="text-align: justify">“It seems the industry’s heavyweights did not fully know how to handle liquidations; they did not attempt partial hard liquidations for my position in Curve. I had to do it myself in the end. In the future, this area could be better with open-source liquidation bots.”</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/curve-ceo-addresses-uwu-lend-hack-and-crv-token-issues/" data-wpel-link="internal">Curve CEO Addresses UwU Lend Hack and CRV Token Issues</a></h5>

Curve CEO Addresses UwU Lend Hack and CRV Token Issues

Table of Contents

COINTURK NEWS

Other articles published on Jun 16, 2024

Bitcoin is the “Godzilla” to Destroy Old Financial Models – Michael Saylor

MoonBag Crypto: The New Contender Potentially Surpassing Aave and Pepe Coin with $1 Price Predict...

Dogecoin price prediction – Look out for these short-term targets!

Bitcoin to $90K by Year’s End? Don’t Miss Out on These Altcoins That Could Surge 5000%

Harga Notcoin Naik Pesat: BTC dan ETH Kalah Jauh

Guess What? Ripple Teaming Up with 10 Govs on CBDCs!

Join our free newsletter for daily crypto updates!