Curve (CRV) is seeking assistance in identifying the individual who recently drained their decentralized finance (DeFi) platform of millions of dollars in crypto assets.

Etherscan offers massive bounty

They have posted a note on the Ethereum (ETH) blockchain explorer Etherscan, offering a bounty of $1.85 million to anyone who can provide information leading to the identification and conviction of the exploiter.

This offer has been extended to the public after the expiration of an amnesty period, and the reward is valued at 10% of the remaining exploited funds. The deadline for the voluntary return of funds has passed at 0800 UTC (coordinated universal time).

“If the exploiter chooses to return the funds in full, we will not pursue this further.

Contact us at [email protected].”

BlockSec, a blockchain security infrastructure firm, has reported that several liquidity pools on Curve suffered losses of over $41 million due to a hack that occurred in late July.

This incident also caused a decrease in the total value locked (TVL) on the platform, which fell from $3.25 billion to approximately $1.58 billion.

However, at present, Curve’s TVL has partially recovered and currently stands at around $2.4 billion, according to DeFi Llama. TVL is a measure of the amount of capital deposited in a protocol’s smart contracts and is often used to assess the health of a crypto ecosystem.

Additionally, Curve’s native token, CRV, experienced a significant drop from $0.75 to $0.59 within a day after the incident and has yet to fully recover. Currently, it is trading at $0.608.

Ethereum’s scaling solutions, including Polygon (MATIC), Optimism (OP), and Arbitrum (ARB), are experiencing significant adoption rates

According to the Coinbase CEO, scaling solutions can enhance the adoption level by becoming more user-friendly.

“A lot of it comes down to usability challenges as well.

If you’re an average user, they don’t really want to know or maybe they don’t even care about these — what is it doing underneath, like the average user doesn’t want to have to learn how to bridge from Layer 1 to Layer 2 to send their payment. They just want to pay for something and it ‘just works.’

I think what needs to happen, and this is something Coinbase can really help with is we can make this seamless in the background.”

Leave a Comment