Why did CRV soar 600% on bithumb and upbit post-weekend exploit?

Adekunle Joshua

Curve Finance’s token, CRV, is trading at a premium on South Korean crypto exchanges Bithumb and Upbit.

CRV’s price drops by 12% within 24 hours

More than $50million has been drained from the DEX platform due to an exploit

The exploit was from a Vyper compiler issue

These losses occurred due to an exploit on the liquidity pools of curve finance. There were some bugs in the smart contracts that use versions of the Vyper programming language.

A zero-day vulnerability in specific computer versions for Vyper enabled the thefts. The vulnerability was the re-entrancy bug which allows hackers to deceive a smart contract by making repeated calls to a protocol to embezzle its assets.