South Korea’s Upbit has temporarily suspended the withdrawal and deposit of Curve Finance’s CRV token after the project was the victim of a significant exploit over the weekend.
“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,” reads the announcement. “To ensure the safety of digital asset transactions, we have temporarily suspended deposits and withdrawals for CRV.”
Curve has suffered a potential loss of over $100 million due to a 're-entrancy' bug exploit in the Vyper programming language used in its tech stack, affecting several stablecoin pools.
The CRV token, a governance token for Curve Finance's DAO, is down 12.36% at 6 cents on-day, according to CoinDesk data.
Aside from Upbit, other exchanges haven’t taken any action. Huobi said that it's “monitoring the situation closely” in a recent tweet.
CORRECTION (July 31, 10:42 UTC): Clarifies that Upbit has halted withdrawals and deposits.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.