CDS Crypto News Is UwU Lend Hack and CRV Burn Misinformation Affecting Investor Confidence?
Crypto News

Is UwU Lend Hack and CRV Burn Misinformation Affecting Investor Confidence?

128
Is UwU Lend Hack and CRV Burn Misinformation Affecting Investor Confidence

Addressing the UwU Lend Hack and CRV Burn Misinformation: Curve CEO’s Perspective

Addressing the UwU Lend Hack and CRV Burn Misinformation: Curve CEO's Perspective

Crypto News – Curve Finance (CRV) founder and CEO Michael Egorov commented on the recent UwU Lend hack, stating that Curve Finance was not the target of the crime.

This was not a Curve exploit. This was an exploit of a separate project, UwU Lend. …The hacker, as a part of cash-out play, deposited CRVs taken from UwU to lend.curve.fi (LlamaLend) and disappeared with the funds, leaving his debt in the system.

Egorov

In an effort to at least partially offset losses, Egorov emphasized safeguards against potential attacks and advised UwU Lend to “re-verify all contracts and connect them to good security auditors.”

Token Burning News Not Real, According to Egorov

According to the article by Cointelegraph, Egorov suggested burning 10% of the $37 million worth of CRV tokens to stabilize the token’s price and provide voters with a higher annual percentage payout. Egorov addressed the false statement of the team burning 10% of CRV tokens in the Q&A that followed.

This information was tweeted by a fake (impersonator) account, accompanied by a scam link. Few journalists did not fact-check the news and published news about this.

Egorov

On June 15, Egorov declared that the $10 million in bad debt resulting from soft liquidations brought on by the UwU exploit had been completely paid off.

For more up-to-date crypto news, you can follow Crypto Data Space.

Is UwU Lend Hack and CRV Burn Misinformation Affecting Investor Confidence?
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...

ETH Price Faces Challenges Amid ETF Outflows

Ethereum (ETH) struggles to maintain price above $2,500 amid ETF outflows and...