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CURVE FINANCE EXPLOIT.

Hector Network
Hector Network
Telegram
31 Jul 2023, 15:40
CURVE FINANCE EXPLOIT On Sunday 30, July 2023 at approximately 18:45 UTC, a security incident occurred involving certain pools using Vyper version 0.2.15, 0.2.16 and 0.3.0 and a number of decentralised finance projects were affected by the attack, including Curve finance (https://blockworks.co/news/curve-suffers-exploit). This exploit was a result of a malfunctioning reentrancy lock related to a Vyper bug, as reported by the official Curve Finance Twitter handle. A staggering amount of over $70 million was drained from the affected pools during this hack. All affected pools have been drained or white hacked and the Vyper team is assessing the situation with affected teams. The targeted pools, namely alETH/ETH, msETH/ETH, pETH/ETH and CRV/ETH, suffered losses, while all other pools remain safe and unaffected by the bug. Hector Network, prior to the hack, held 258 ETH and 606,239 CRV in the CRV-ETH pool Unfortunately, approximately 97% of these assets have been drained, totaling $0.95 million, and are no longer under direct control of Hector Network. The total amount of assets held in treasury as part of the liquidation proceeds have now been updated to reflect this current situation, with an estimated value of $13.8 million. This reduction is attributed to the Curve exploit and a 4.5% market-to-market value decline of the held tokens over the past two weeks. To safeguard the remaining assets after the hack, transactions were executed to withdraw tokens from Curve and Convex. Moreover, adhering to the redemption process timeline provided on July 28th, all the liquidity from the remaining pools (excluding TOR and HEC) across PancakeSwap and Curve will be removed this week. Additionally, tokens will be unstaked from platforms such as Aave, Convex, Lido, and SpookySwap. The remaining tokens will be swapped for USDT, USDC and ETH on Ethereum. Hector Network is committed to taking all necessary steps to resolve the technical issues and to claim the hacked funds and will provide further updates and information in the coming days and weeks as the situation unfolds. Hector Network Liquidation Committee