- CRV’s price is up 7% in the past 24 hours after Curve’s exploiter returned some of the stolen money.
- On the daily chart, however, the accumulation pressure remained low.
The price of Curve Finance [CRV] rose more than 7% in the last 24 hours after news that the exploiter who stole more than $24 million from the protocol has returned the money.
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According to data from CoinMarketCapthe altcoin changed hands for $0.6065 at the time of going to press and ranked third with the most gains during the reporting period.
Source: CoinMarketCap
Hacker takes the ‘chill pill’
On July 30, Curve Finance experienced a drain in some of its liquidity pools due to a Vyper-based smart contract bug. This resulted in a cascading effect on the entire DeFi ecosystem as liquidity providers hurriedly removed their funds from the DeFi protocol.
In addition, there was an overall decline in total value locked (TVL) in the crypto vertical.
As the price of CRV fell in the days following the hack, concerns grew that Michael Egorov’s collateral would fall below the liquidation threshold, leading to contagion. However, the founder has been able to pay off part of his debts in recent days.
While Egorov sorted through his debt obligations, Curve and other hack-affected protocols, Metronome and Alchemix left an on-chain message to the hackers on August 3. According to the report, these protocols offered a 10% bounty on the stolen money if the remaining 90% was returned.
Threatening legal action, the protocols added:
“If you choose not to participate in the voluntary return and complete the process by August 6 at 08:00 UTC, we will extend the bounty to the public and offer the full 10% to the person who can identify you on a manner leading to your conviction in the courts.”
Spurred on by the possibility of being exposed, the hacker returned a total of 4,820 alETH and 2,258 ETH to Alchemix Finance. Etherscan data showed that alETH was returned in three transactions, the first of which was a test of 1 alETH.
The remaining alETH was returned in two batches, worth $1.7 million and $6.7 million respectively. ETH was returned in a single transaction worth $4.2 million. The total value of funds returned to date is approximately $12.7 million.
In a chain message added to the transaction, the hacker said:
“I’ve seen some ridiculous views, so I want to clarify that I’m not refunding you because you can find me, but because I don’t want to ruin your project, maybe it’s a lot of money for a lot of people, but not for me, I’m smarter than all of you.”
Read Curves [CRV] Price Forecast 2023-24
Don’t hope too high
Although CRV recorded an increase in price and trading volume over the past 24 hours, an assessment of the movement on the daily chart suggested that the rally could be short-lived.
The main momentum indicators trended downwards and were below their respective neutral regions. This suggested that there was insufficient accumulation to support price growth. A downward correction was therefore imminent.
Source: CRV/USD, TradingView
