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+--- Thread: Curve CEO clears up UwU Lend Hack, CRV burn misinformation (/thread-3.html)
Curve CEO clears up UwU Lend Hack, CRV burn misinformation - Fish - 06-16-2024
Source: https://cointelegraph.com/news/curve-ceo-clarifies-uwu-hack-misinformation
UwU Lend Hack and Curve Finance Clarification:
- Michael Egorov, the founder and CEO of Curve Finance (CRV), clarified that the recent UwU Lend hack did not exploit Curve Finance itself.
- The hacker exploited a separate project, UwU Lend, by depositing CRVs taken from UwU into lend.curve.fi (LlamaLend) and disappearing with the funds, leaving debt in the system.
- Egorov recommended that UwU Lend re-verify all contracts and engage good security auditors to prevent future exploits.
- Initially, there was misinformation about Curve Finance proposing to burn 10% of CRV tokens (worth $37 million) to stabilize the token’s price and increase annual percentage yield (APY) for voters.
- Egorov clarified that this information originated from a fake account and was accompanied by a scam link. Few journalists published the news without fact-checking.
- Egorov announced that he fully repaid the $10 million in bad debt resulting from soft liquidations triggered by the UwU exploit.
- CRVs posted as collateral for loans accounted for approximately 30% of the circulating supply, and half of that was on Curve. The debt has been settled, and no one is affected.