A representative for Curve founder Michael Egorov said via Telegram message on Friday that Monday's breach in UwULend set off a chain of events that led to Curve's massive liquidation on Thursday. A $100 million loan that Egorov took from various protocols using Curve's CRV tokens as collateral began automatic liquidation on Thursday, sending the token down 30 percent before briefly recovering.
"On April 15, they [UwULend] deployed vulnerable code for new [sUSDe] marketplaces, which are not isolated, so the whole platform took the risk," Egorov said. "UwU was hacked, and as part of a cash-out campaign, the hackers deposited the CRVs stolen from UwU into lending.curve.fi (LlamaLend) and then disappeared with the funds, leaving the debt in the system."
UwU Lend security incident triggers Curve founder CRV lending position liquidation
2024-06-15 01:45:31
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
Previous article：
SEC Seeks $102.60 million Settlement with RippleNext article：
LayerZero 基金会或将于 6 月 20 日宣布重大消息
