Curve Finance’s Token Surges 500% on Bithumb After Over $100M Exploit

CoinDesk reached out to Bithumb, seeking information on the increased price volatility.

Per Bithumb’s local rival Upbit, some of Curve’s stablecoin pools were affected by the reentrancy attack, which is responsible for the volatility in CRV. Upbit suspended withdrawals and deposits of CRV to ensure the safety of digital assets transactions. At press time, the CRV/BTC pair on Upbit traded 55% higher on the day.

While the exploit is bad optics for Curve, some prominent industry players remain confident of CRV’s long-term prospects.

“In the coming RWA wave, $crv is one of the most important infrastructures. I have BTFD. NFA,” Jihan Wu, co-founder of Bitman and Matrixport, said in a tweet.

Tron’s Justin Sun also extended support to Curve and the affected parties by the exploit.