Curve CEO Clears Up CRV Token Hacking & Burning Misconceptions

Bittime - Curve Finance CEO, Michael Egorov, clears up the misconceptions circulating regarding the UwU Lend hack and CRV token burn . He emphasized that the UwU Lend hacking incident did not directly exploit the Curve Finance system.

Egorov explained in his interview with Cointelegraph that this hack was an exploitation of UwU Lend , a different project. Hackers took over CRVs from UwU Lend , then deposited them to lend.curve.fi (LlamaLend) for disbursement of funds. After that, the hacker ran away with the funds, leaving a debt in the system.

Curve CEO Clears Up False Information: No CRV Token Burn

Responding to the issue of burning CRV tokens, Egorov clarified that the information circulating about burning 10% of CRV tokens, worth $37 million, was wrong. The information came from fake accounts impersonating Egorov and spreading fraudulent links. Egorov emphasized that the Curve Finance team never planned to burn CRV tokens.

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Curve CEO advises UwU Lend to Cooperate with Security Auditors

Egorov also discussed the steps being taken to prevent future exploitation. He advised UwU Lend to "reverify all contracts and work with trusted security auditors" to recover losses from the hack.

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Curve CEO Emphasizes Liquidation Risk Management: Loan Limits and Community Education

Regarding liquidation risk management in volatile markets, Egorov emphasized the importance of implementing loan limits for non-major cryptocurrencies. He explained that the data shows Curve's niche markets can be well configured to withstand volatile market conditions.

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Egorov also highlighted the industry's lack of understanding of on-chain liquidations. He revealed that some of the industry's big players did not understand how to handle liquidations properly, so they did not carry out forced partial liquidations of their positions in Curve. Egorov ultimately had to take it upon himself to solve the problem.

As a way forward, Egorov proposed the creation of an “open-source liquidation bot” and community education about liquidation to address the broader implications of liquidation in decentralized finance (DeFi).

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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.