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Curve Finance promises users refunds after $62 million hack

Decentralized finance (DeFi) platform Curve Finance said it plans to compensate users affected by the latest attack, which caused $62 million in losses.

Like explained in X From the (former Twitter) official project account, the research is paying off: 70% of funds already successfully recovered.

“Fast update after hack.

While 70% of the funds stolen through last week’s hack were recovered, an investigation is currently underway to recover the rest.

In the meantime, we are working to calculate the respective share of each affected user for the purpose of an accurate distribution.”

The entity behind the July 30 attack exploited several vulnerabilities found in the release history of Curve Finance’s Vyper compiler: specifically, directed his attack on compiler versions 0.2.15 to 0.3.0.

Identifying these vulnerabilities could not be easy. One of Viper’s associates said the attack was probably planned weeks before the execution. Targeted pools including CRV/ETH, alETH/ETH, msETH/ETH, and pETH/ETH. There are also concerns that Arbitrum’s three crypto pools may contain vulnerabilities.

The incident affected the entire DeFi ecosystem. Thorough examination of the attack highlighted a major problem in this industry: There is a lack of adequate incentives to identify vulnerabilities in previous iterations of the software.

This 10% bonus extended to the person responsible for the hack, who accepted the offer and initiated the hack. return funds. According to Etherscan data currently the total value of the returned funds is 4,821 Ether (ETH).

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