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Curve liquidation risk poses systemic threat to DeFi even as founder scurries to repay loans

On July 30, Curve Finance, a decentralized exchange on Ethereum, suffered a hack due to a vulnerability in certain pools built using the Vyper programming language.

The price of CRV dropped 20.91% on the day of the hack, falling to a two-month low of $0.58.

On the next day, the decline in CRV continued to drop toward a seven-month low at $0.48 amid fears of liquidation risks of hefty loans worth $100 million taken by Curve Finance founder Micheal Egorov against CRV as collateral.

However, positive development with partial repayment of loans and significant negative bets in the derivatives market suggest that CRV may rally in the short term.

The DeFi community comes to save CRV

On Aug. 1, Egorov sold 39.25 million CRV tokens for stablecoins to a number of notable DeFi investors like Justin Sun, Machi Big Brother and DWF Labs for a total of $15.8 million, according to LookOnChain data.

Altcoins

Was Sam Bankman-Fried behind another scam project?

Cointelegraph YouTube

In the latest episode of “The Market Report,” analyst and writer Marcel Pechman discusses the BALD token rug pull and the allegations pointing toward FTX founder Sam “SBF’ Bankman-Fried as the culprit. The token launched on Coinbase’s Base network, which is currently under development, and witnessed incredible gains between July 30 and 31.

Pechman notes that it is impossible to know how much fake volume and how many trades involving the same entity or small groups were used to prop up BALD’s price on decentralized exchanges (DEXs). Further evidence for this hypothesis is the 85% price plunge shortly after BALD’s developer removed the liquidity deposited in DEX pools.

According to internet sleuths, the evidence pointing to SBF being the mastermind of the rug pull includes funding from wallets associated with FTX and Alameda Research, the fact that BALD’s developer was one of the first voters on proposals for decentralized finance project SushiSwap, language used in tweets, and DYDX farming activity.

While Pechman believes SBF certainly has the technical knowledge to issue tokens and offering liquidity pools on DEXs, there is no way to know what sort of devices and internet access he currently has while under house arrest.

Altcoins

Was Sam Bankman-Fried behind another scam project?

This week’s episode of The Market Report explores allegations that SBF was behind the recent BALD token rug pull and dissects why Bitcoin is falling below $29,000.

Bitcoin

European digital asset manager CoinShares’ revenue up 33% in Q2

Proprietary trading activities contributed heavily to the revenue increase.

Blockchain

Toyota GR Cup will award digital trophies on Polygon blockchain to race winners

Toyota continues its ongoing exploration into integrating blockchain technology within its corporate and developmental ecosystems.

Blockchain

Genesis Digital Assets opens three new facilities in South Carolina in US expansion

The company has 400 MW of capacity spread across three continents, but most of its power is concentrated in Texas.

Bitcoin

Bitcoin investor sentiment slumps to a new low, even as macro and equities show improvement

Three key Bitcoin price indicators explain why BTC price continues to fall toward new lows.

Bitcoin

Crypto trader weighs in on possible Bitcoin extinction scenarios

Episode 11 of Cointelegraph’s Crypto Trading Secrets podcast features crypto trader Mohit Sorout.

Bitcoin

Bitcoin price risks $25K dip despite ‘macro pivot point’ — New analysis

BTC price dips to six-week lows, but worse could be to come for Bitcoin, says Capriole Investments.

Bitcoin

Bankruptcy judge signs off on order allowing Terraform Labs to subpoena FTX entities

Terraform Labs claimed that the failures of its algorithmic stablecoin and governance token were the result of an attack from short sellers, potentially involving Alameda Research.

Regulations

SushiSwap furthers cross-chain functionality with Core integration

SushiSwap brings liquidity pools, cross-chain swaps and its DEX aggregator to the Core blockchain ecosystem.

Blockchain

SushiSwap furthers cross-chain functionality with Core integration

SushiSwap brings liquidity pools, cross-chain swaps and its DEX aggregator to the Core blockchain ecosystem.

Ethereum

SushiSwap furthers cross-chain functionality with Core integration

SushiSwap brings liquidity pools, cross-chain swaps and its DEX aggregator to the Core blockchain ecosystem.

Bitcoin

FTX.com releases restructuring plan, hints at rebooted offshore exchange

Reams of dockets from FTX.com have been filed alongside a proposed reorganization plan which could see FTX resurrected as an offshore exchange.

Regulations

FTX.com releases restructuring plan, hints at rebooted offshore exchange

Reams of dockets from FTX.com have been filed alongside a proposed reorganization plan which could see FTX resurrected as an offshore exchange.

Blockchain

Bitcoin loses $29K as traders flag key BTC price levels to watch next

Bitcoin traders are particularly interested in the short-term holder cost basis as a potential BTC price support level.

Bitcoin

ConsenSys releases ‘fuzzing’ tool to test smart contract vulnerabilities

Diligence Fuzzing lets developers introduce random and invalid data points to find security flaws.

Blockchain

Chinese police vs. Web3, blockchain centralization continues: Asia Express

Chinese police have discovered a much more lucrative way to “extract” value from crypto executives than detaining them.

Bitcoin

Chinese police vs. Web3, blockchain centralization continues: Asia Express

Chinese police have discovered a much more lucrative way to “extract” value from crypto executives than detaining them.

Blockchain

Chinese police vs. Web3, blockchain centralization continues: Asia Express

According to one insider, Chinese police are after Web3 co-founders, not to serve and protect, but for their wallets. 

In a recent blog post, Wuwei Liang, the brother of imprisoned CoinXP co-founder Liang Liang, warned that under no circumstances should executives hand over their private keys when detained by Chinese police. Responding to news of Multichain co-founder Jun Zhao’s arrest, he wrote: 

“As long as the police see the money and get the money, they will make up their minds, charge the case with crimes, and confiscate the assets. If you lose the secret key, you will lose everything, you will lose your life and wealth, and you will be imprisoned wrongly.”

Earlier in July, China’s largest cross-chain protocol used by the likes of Fantom and Binance alike, with over $10 billion in total value locked at its peak, closed down for good after developers disclosed that its CEO, Jun Zhao, was arrested by Chinese police in May. Zhao allegedly held control of all protocol MPC nodes, access to private keys and investors’ funds.

Without Zhao, the protocol and users’ assets were as good as gone. While cryptocurrency exchanges, mining and initial coin offerings are illegal in China, outright ownership of cryptocurrencies isn’t illegal, and there is currently a gray area regarding crypto projects outside of prohibited categories.

A Wuxi Police ad warning against unauthorized solicitations of public funds.
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