Thursday , May 23 2024
Home / Crypto news / CRV Trades at Premium on Bithumb and CoinOne Following Curve Finance Hack

CRV Trades at Premium on Bithumb and CoinOne Following Curve Finance Hack

Summary:
CRV – the native token of the DeFi exchange Curve Finance – has plunged over 12% following the recent exploit on several stable pools of the project. However, the token’s price took a somewhat interesting trajectory on the leading South Korean cryptocurrency exchanges Bithumb and CoinOne, currently trading at a 510% and a 220% premium, respectively. Separately, Upbit (another major Korean digital asset platform) paused CRV deposits and withdrawals shortly after the latest exploit in the DeFi space.  CRV Shoots to the Opposite Direction As CryptoPotato reported earlier today, Curve Finance suffered an attack on a number of its stable pools that were using Vyper versions 0.2.15, 0.2.16, and 0.3.0. The entity disclosed that the affected pools included alTH, msETH, and pETH,

Topics:
Dimitar Dzhondzhorov considers the following as important: , , , ,

This could be interesting, too:

Wayne Jones writes US Prosecutors Push for 5-7 Year Prison Sentence for Ex-FTX Exec

Andrew Throuvalas writes House Passes FIT21 Bill To Provide Crypto Legal Clarity With Two Thirds Majority

Wayne Jones writes Uniswap Labs Responds to SEC Wells Notice, Calls the Legal Basis “Weak”

Chayanika Deka writes Fresh Wave of Demand for Bitcoin (BTC) Could Spark New Rally

CRV – the native token of the DeFi exchange Curve Finance – has plunged over 12% following the recent exploit on several stable pools of the project. However, the token’s price took a somewhat interesting trajectory on the leading South Korean cryptocurrency exchanges Bithumb and CoinOne, currently trading at a 510% and a 220% premium, respectively.

Separately, Upbit (another major Korean digital asset platform) paused CRV deposits and withdrawals shortly after the latest exploit in the DeFi space. 

CRV Shoots to the Opposite Direction

As CryptoPotato reported earlier today, Curve Finance suffered an attack on a number of its stable pools that were using Vyper versions 0.2.15, 0.2.16, and 0.3.0. The entity disclosed that the affected pools included alTH, msETH, and pETH, with the reason being “a malfunctioning reentrancy lock.”

The estimated loss of the attack was initially set at over $40 million, whereas in the following hours, that number might have risen to approximately $70 million.

Expectedly, the USD valuation of Curve DAO (CRV) – the utility token of the DeFi protocol – headed south as a consequence of the event. It currently trades at around $0.64 (per GoinGeko’s data), or 12% less than yesterday’s figure.

CRV Price
CRV Price, Source: CoinGecko

While the asset’s price is quite similar on leading crypto exchanges, such as Binance and Coinbase, this is not the case for two of the biggest digital asset marketplaces in South Korea – Bithumb and CoinOne. 

CRV currently trades at $3.90 on Bithumb or a 510% premium. The price on CoinOne is hovering around $2.06 (220% more than the valuation on other platforms).

Upbit’s Suspension

The largest South Korean cryptocurrency exchange – Upbit – took immediate action and temporarily halted all deposits and withdrawals involving CRV shortly after the Curve Finance attack.

“Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV). As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV.

Additionally, to ensure the safety of digital asset transactions, we have temporarily suspended deposits and withdrawals for CRV,” the company announced.

Upbit vowed to “closely monitor the situation” and warned its users to be utterly careful when dealing with the digital asset. 

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *