Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Decentralized finance protocol Convergence, a Curve-based yield-enhancing protocol, a was exploited Thursday, sending its token's price to near-zero.
The attacker created 58 million of the protocol's CVG token using a vulnerability in the protocol's codebase, and swapped the tokens for 60 wrapped ether and 15,900 crvFRAX stablecoin using liquidity pools on Curve, web3 security auditing firm QuillAudits said. before the attack evaporated. CVG's price declined 99% in the Curve liquidity pools, nosediving to $0,0004 from trading around $0.12 earlier today.
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