The DeFi Dilemma: Can it Fulfil its Promise?
A number of stablepools (alETH/msETH/pETH) using Vyper 0.2.15 have been exploited as a result of a malfunctioning reentrancy lock. We are assessing the situation and will update the community as things develop.— Curve Finance (@CurveFinance) July 30, 2023
Other pools are safe. https://t.co/eWy2d3cDDj
The Curve Exploit
It's only when the Tide goes out you learn who's been Swimming Naked
The Vyper bug wasn't the only issue. Curve's Founder, Michael Egorov had pledged 34% of CRV's total market cap across a number of DeFi protocols.
Founder of Curve borrowed over $100m in stablecoins on various DeFi lending protocols using his CRV as collateral.— RYAN SΞAN ADAMS - rsa.eth (@RyanSAdams) July 31, 2023
Probably spent some (all?) $100m on IRL stuff like mansions.
Why'd he borrow against his CRV rather than sell it?
Idk, maybe to avoid tax gains and to avoid… pic.twitter.com/DwPyvy9SOa
Managing software vulnerabilities
Protecting Mainstream Users