Curve Finance and Other DeFi Entities Offer 10% Bounty for Recovery of Stolen Funds

Curve Finance and other DeFi platforms are coordinating to retrieve stolen funds after a recent hack. Curve Finance, Metronome, and Alchemix have issued an open call to the hackers, proposing a possible bounty from the loot.

Timeline of Curve-dao-token

Decentralized Finance platforms Curve Finance, Alchemix, and Metronome have announced a joint initiative to recover the stolen funds in the wake of the recent exploits that hit Curve's pools. The exploit resulted in a loss of around $70 million worth of crypto assets, meaning the bounty offered is around $7 million.

Curve Finance (CRV) has issued a statement on Etherscan, addressing the hackers responsible for the recent exploit that resulted in the loss of over $60 million from the protocol. In the statement, Curve, Metronome & Alchemix have invited the hackers to discuss a potential bounty, offering a 10% reward for any stolen funds, which they can keep if they return the remaining 90%.

Curve Finance's native token CRV has recovered from a 6-month low, and many believe that the news of Huobi co-founder Jun Du buying CRV tokens has contributed to it. Jun Du bought 10 million tokens valued at $4 million from Micheal Egorov, founder of Curve.

It has been a few days since decentralized finance (DeFi) protocol Curve Finance suffered a major attack that saw as much as $50 million drained from its coffers and, for the first time, its native token CRV is on a bullish run. Per data from CoinMarketCap, CRV is trading at a price of $0.5888, up by as much as 7.2% over the past 24 hours at the time of writing.

A widely followed crypto strategist says a short squeeze could materialize for an altcoin project that just suffered a $41 million hack. Pseudonymous analyst Credible Crypto tells his 343,200 Twitter followers that Curve (CRV) is experiencing a massive amount of short interest.

The Curve Finance lending protocol has recently taken significant steps to address the vulnerabilities and exploits it faced in July. In response to the July 30 Curve exploit and the July 6 Multichain exploit, the protocol has terminated governance token rewards for certain liquidity pools.

DeFi lending protocol, Abracadabra Money, is currently debating a proposal to boost the interest rate in its CRV lending markets as it looks to mitigate its exposure to the DeFi token. In the last few days, CRV has seen its value decline significantly due to the recent Curve Finance exploit on Sunday, which resulted in a total loss of over $60 million.

Abracadabra Money, a cross-blockchain lending platform, has proposed to raise the interest rate on its existing loans to address potential risks related to its exposure to Curve (CRV).

Curve Finance is beginning to witness some improvements as Curve's founder avoids litigation. CRV's price has recovered, however the number of token holders continues to decline.

Curve Finance and CEO Michael Egorov have received support from prominent names in the crypto space, including Justin Sun and DCF God. Curve had suffered a major exploit earlier in the week, leading to the protocol losing nearly $50 million to hackers.