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Mooners and Shakers: Major DeFi protocol cops a Curve ball; Ethereum turns eight
“Make you look like a fool, boy.” (Pic via Getty Images)
The crypto market landed somewhere below whelmed last week, but the price action is so far trying to evolve from its stagnant pool this week, with Bitcoin trading around US$29.4k.
The less-than-inspiring crypto market action right now will have something to do with macro machinations, what with the US Federal Reserve raising interest rates by 25bps last week. Although that was expected and seemed largely priced in.
US interest rates are the highest they’ve been in 22 years, but, as our very own non-fungible Eddy Sunarto points out in his column this morning, at least the PCE data has come in positive:
“Wall Street lifted after personal income and consumption (PCE) data release in the US came in at its lowest level in nearly two years, bolstering the case of a peak in inflation.”
Curve DeFi protocol hacked
The main news hitting the crypto market this morning, however, is an unfortunate old chestnut – DeFi hacks. This time, it’s Curve’s turn – one of the biggest and most widely used Ethereum-based decentralised finance “automated market makers” in the industry.
Curve is essentially a set of stablecoin exchange pools, and more than Curve appears to be at risk here, with other protocols that use the alternative, third-party Ethereum programming language Vyper, potentially affected.
The DeFi protocol was targeted across the weekend by attackers who, according to various reports stole have been able to, at the time of writing, make away with more than US$41 million, with potentially more than double that at risk.
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.
Other pools are safe. https://t.co/eWy2d3cDDj
Advertisement— Curve Finance (@CurveFinance) July 30, 2023
The hackers have reportedly taken advantage of a vulnerability in Curve’s liquidity pools – a weak point Curve has identified as a “malfunctioning reentrancy lock”.
The sheet updated. Losses have already ~$41m!https://t.co/lCaS4uEPzm https://t.co/stQYNJFS7y pic.twitter.com/P7jG8NHnV4
— BlockSec (@BlockSecTeam) July 30, 2023
Curve has noted that other liquidity pools that don’t leverage the Vyper smart-contract programming language (instead using the more common Solidity, for example) are fine.
At the time of writing, the Curve token (CRV) has taken the biggest hit over the past 24 hours of all cryptos in the top 100 by market cap, with a -15% dump.
Meanwhile, how’s the rest of the market faring? Let’s have a look through the… triangular window today…
Earlier, when we began writing this column but were then distracted when we realised we also had another column to bang out in a different part of the Stockhead galaxy, Bitcoin was languishing closer to US$29k.
It’s since made about a $300 resurgence – something we’ll be hoping Khawaja and co can replicate in runs this evening (AEST) at The Oval, although precisely $249 would do. But we digress again.
The question is, did Ethereum take much of a dive amid the Curve DeFi drama? No, not really – it’ll take a lot more than that to blow a hole in Ethereum’s bough as it sails beyond the crypto-winter icebergs.
In fact, that reminds us, happy 8th birthday, Ethereum. Staying power: proved.
Today marks #Ethereum‘s 8th birthday.
July 30 2015, $ETH‘s genesis block was first loaded. pic.twitter.com/JVJkDA38B7
— Altcoin Daily (@AltcoinDailyio) July 30, 2023
Happy birthday Ethereum!
$400 billion in secured value, $3.6 billion in annualized profits, and a total of 17.8 million blocks of uncensorable digital property.
Not bad for an 8 year old.
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) July 30, 2023
On this 8th birthday of #Ethereum, a little throw back to May 2, 2015, in Tokyo, just before #ETH was officially born. @VitalikButerin stayed in my apartment in Tokyo during this trip. He was already working on and talking about ETH non-stop. And I still missed (didn’t buy)… pic.twitter.com/84B6KN73Qf
— CZ Binance (@cz_binance) July 30, 2023
Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
PUMPERS (11-100 market cap position)
• Optimism (OP), (market cap: US$1.13 billion) +11%
• Bitcoin SV (BSV), (market cap: US$753 million) +9%
• Kaspa (KAS), (market cap: US$754 million) +7%
• Bitcoin Cash (BCH), (market cap: US$5 billion) +6%
• Compound (COMP), (market cap: US$505 million) +4%
SLUMPERS (11-100 market cap position)
• Curve DAO (CRV), (market cap: US$557 million) -15%
• Frax Share (FXS), (market cap: US$447 million) -7%
• Aave (AAVE), (market cap: US$1.03 billion) -4%
Around the blocks
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
Only two days left and #BTC is still holding the ~$29250 level as support
A Monthly Close above this level would likely be bullish for $BTC#Crypto #Bitcoin pic.twitter.com/EhR47EHDxz
— Rekt Capital (@rektcapital) July 30, 2023
$BTC implied volatility has just hit new yearly lows.
However, typically after an extended period of volatility compression we experience rapid expansion.
A big move is brewing.. pic.twitter.com/YFBPfjmhdS
— Miles Deutscher (@milesdeutscher) July 30, 2023
NEW – Former PayPal President: “We recommitted ourselves to building on #Bitcoin Lightning, and to doing whatever it took to realize its fullest potential.”
“It’s time for the world to have a universal open protocol for payments.” pic.twitter.com/B6ksnddM9z
— Bitcoin Magazine (@BitcoinMagazine) July 30, 2023
The calm before the storm for #Crypto. pic.twitter.com/QH2ibesbt8
— Michaël van de Poppe (@CryptoMichNL) July 30, 2023
NEW: #Bitcoin will be at the top of the food chain. That’s the only thing that matters – legendary trader Peter Brandt pic.twitter.com/c9DyYPUcbL
— Bitcoin Archive (@BTC_Archive) July 30, 2023
why not? pic.twitter.com/yPgGQNDHFg
— jack (@jack) July 30, 2023
