Curve Finance Hack Resulted in $62 Million in Losses, but Company Promises to Refund Users

Crypto News – Since the recent hack that caused a $62 million loss to the system, Curve Finance has made it clear that it intends to compensate users who were affected by it.

Curve Finance Hack Resulted in $62 Million in Losses, but Company Promises to Refund Users

In a post, Curve Finance said that ongoing investigations were making progress and that almost 79% of the assets had been successfully recovered.

The incident, which happened on July 30, featured malicious actors taking advantage of flaws in the Vyper compiler release history of Curve Finance. The company highlights that its top focus right now is figuring out how much each impacted user contributes in a proportional way.

Hacker Specifically Targeted Vyper

Versions 0.2.15 through 0.3.0 of the Vyper compiler were singled out for special attention by the hacker. It was clear from the hack that the attacker was aware of the particular flaws in previous versions of Vyper. Experts in the field have noted that finding these vulnerabilities would have required a high level of expertise and significant resources.

Notably, there are rumors that the plan was well-planned before it was implemented. According to a contributor to Vyper, it probably took hackers weeks or maybe months to come up with the idea. On the other hand, CRV/ETH, alETH/ETH, msETH/ETH, and pETH/ETH are a few of the pools that were affected. Furthermore, there is growing fear that this impact may have also affected the tri-crypto pool on Arbitrum.