DeFi Crash Avoided: CRV Price Soars 10% As Curve Founder Pays Debt And Hacker Returns Funds

Curve Finance founder Michael Egorov sells 8 million CRV to 5 investors again through over-the-counter (OTC) to pay off his $80 million debt. Meanwhile, Curve Finance pools hackers agreed and started to return funds in exchange for a 10% bounty announced by Curve and other DeFi protocols to prevent a major collapse of DeFi.

Timeline of Curve-dao-token

Curve Finance's native token witnessed some recovery after the exploit that hit the network recently. However, the slight recovery was accompanied by token metrics indicating a loss of investor confidence.

JPEG'd verifies the retrieval of $10 million in Ether following the Curve Finance breach, as the hacker commences a surprising return of stolen assets across various DeFi platforms.

The attacker who targeted Curve Finance, a decentralized finance (DeFi) protocol, has begun returning some of the stolen funds. The attacker sent 4,821 Ethereum (ETH), worth approximately $9 million, in a series of transactions to Alchemix Finance, one of the victims.

In a surprising turn of events, the hacker known as the “Alchemix/Curve Finance Exploiter” has returned a total of 4,819.55 alteth and 6106 Ethereum (ETH) to Alchemix Finance, as reported by the journalist Colin Wu. The hacker, who had gained unauthorized access to the protocol, had earlier demanded that the Alchemix Finance team confirm the address to which they wanted the stolen funds returned.

In a significant turn of events, the infamous hacker responsible for the breach of Curve Finance, a prominent Decentralized Finance (DeFi) protocol has initiated the process of returning the stolen funds. This unexpected development marks a significant stride in the ongoing battle to enhance the security and resilience of the DeFi ecosystem.

Crypto news: We bring you a roundup of what's been happening in crypto this week. The US Securities and Exchange Commission (SEC) sued PulseChain founder Richard Heart in a lawsuit the industry had long expected was coming.

Michael Egorov, the founder of Curve (CRV), sold another 34 million CRV ($19.72M, at press time) on the night of Thursday, August 3, as the token prices dropped 20% in the last seven days.

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.

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%.