Aug 3, 2023

Curve Finance's native token CRV has declined roughly 20% in the past week.

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app Curves native token CRV has fallen roughly 20% in the past week. And Cio is out with some new research, say since the exploit that puts more than $100 million worth of crypto at risk, not the research, but that's how much is at risk joining us. Now to discuss the latest with the curve exploit is Ko research analyst, Riad Cary. Welcome. R. Hi. Thanks for having me. Glad to have you on. So let's start with Cr V's price, uh unpack it for us here. I mean, we, we saw this uh downturn of course. Uh and, and we actually saw a couple of interesting things uh yesterday. Uh There was a little bit of a self off. There's some discussion that the founder of Curve might be doing some OTC uh trades uh which aren't necessarily seen on exchanges but can be found on the Blockchain. So can you talk a little bit about all that? Yeah. So the founder and CEO of Curve had deposited about like a few 100 million worth of Curve tokens on a variety of D I lending and borrowing platforms, uh sort of using these tokens as collateral. He had borrowed about $100 million worth of staple coins. Um So when curve was hacked, there was uh a lot of concern. Basically that this position would get liquidated, which would have of huge ripple effects that we can get into a little bit later. Um That has not played out yet. We did see that. Um, because the curve, uh, e curve pool was hacked. You can see on the chart there that the price of curve briefly drops like below 10 cents. Uh, that was just on curve. Um And then on UNIS it also drops as well, um, compared to sun size exchanges where, as you said, it drops about 25%.

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