The $50M Hack (Happening in Real-Time)
TL;DR
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Hackers have discovered an exploit in Curve, the decentralized crypto lending platform.
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A complete of $100M price of crypto is in danger, with an estimated $50M having been stolen as of this writing.
Full Story
Automation works…till it doesn’t.
This Curve lending story is a chief instance of that.
If you happen to’re not acquainted with Curve, it’s a decentralized crypto lending platform.
Mainly, of us (lenders) ship their crypto to Curve and for a wholesome 4% p/y charge, others (debtors) can take that crypto out as a mortgage.
Two issues you must know right here:
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The crypto that these lenders ship to Curve is stored in ‘swimming pools’
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And the complete lending course of is absolutely automated by good contracts (aka traces of code) as an alternative of middlemen.
Which is cool!
…however the draw back is: if there’s an issue, there’s no customer support hotline to name.
And proper now, there’s an issue. A giant drawback.
Hackers have discovered a bug that’s giving them direct entry to huge lending swimming pools, and a complete of $100M price of crypto is in danger, with an estimated $50M having been stolen as of this writing.
Keep secure on the market of us!
