South Korean Exchange Upbit Announces Suspension of Trading After Violation Involving CRV Crypto

Upbit, a South Korean cryptocurrency exchange, has banned deposits and withdrawals following a recent security compromise that affected Curve Finance’s CRV crypto. The DeFi ecosystem’s vulnerability was found over the weekend, leading to a large financial loss. Moreover, in response to the hack, other exchanges, including OKX, issued a volatility alert.

South Korean Exchange Upbit Announces Suspension of Trading After Violation Involving CRV Crypto

On July 30, about $50 million was stolen as a result of the exploit, which involved reentrancy assaults.

We kindly ask all our users to be mindful of the increased price volatility of CRV.

Upbit

Users of Upbit were asked to exercise prudence and due diligence while thinking about making any investments using the token, the company said. In order to assure trading safety, it also stated that it would temporarily suspend CRV deposits and withdrawals.

OKX Warns Users, Says Binance Users Not Affected

On the token landing page, OKX, a different cryptocurrency platform, posted a caution.

OKX will not be held responsible for any trading losses.

OKX

Users of Binance are unaffected, according to Binance CEO Changpeng Zhao’s tweet.

CEX price feed saves DeFi. Binance users are not affected. Our team checked on the Vyper Reentrant Vulnerability. We only use version 0.3.7 or above.

CZ

He suggests that the deployment of a centralized price feed by Binance for DeFi tokens adds another layer of security. Zhao pushed on updating operating systems, programs, and code libraries as well.