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Upbit Halts CRV Withdrawal and Deposit After Curve Finance Exploit

Other exchanges say they are monitoring the situation closely but have not taken any action.

By Sam Reynolds
AccessTimeIconJul 31, 2023 at 7:56 a.m. UTC
Updated Jul 31, 2023 at 10:55 a.m. UTC
Upbit halts trading of Curve Finance's token after $100 million exploit. (Clint Patterson/Unsplash)
Upbit halts trading of Curve Finance's token after $100 million exploit. (Clint Patterson/Unsplash)
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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.

Edited by Parikshit Mishra.

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