Cryptocurrency that went up by 500% after $ 100 million exploit is named

Several stable pools on Curve Finance (CRV), along with other decentralized finance (DeFi) projects, fell victim to a devastating exploit on July 30 with losses of $ 100 million. Against this backdrop, the price of the Curve Finance token suddenly rose by 500% on the Korean exchange Bithumb.

According to analysts, the value of CRV denominated in Korean won (KRW) has risen sharply. At the time of writing, Bithumb’s CRV/KRW pair was worth KRW 5,565 ($ 4.36), which is 500% more than the day before, according to TradingView.

CoinDesk journalists contacted Bithumb’s management for information about the increased price volatility, but so far, the exchange’s representatives have not responded.

Although the exploit is a negative signal regarding Curve’s security, some crypto industry representatives remain confident in the long-term prospects of CRV. Tron founder Justin Sun also supported Curve and those affected by the exploit.

In early July, it was revealed that the head of the Multichain platform was behind a large-scale hack of $ 250 million. According to experts, the Multichain development team tweeted at the end of May that they could not contact the project’s head Zhao Jun. Due to the CEO’s disappearance, developers cannot access the project’s servers to make changes to the security system.