• Curve Finance has offered a bounty of $1.85 million to the public in its quest to recover the stolen funds by an exploit of over $60 million on July 30.
• The team behind Curve had previously offered attackers a 10% bounty for the return of the stolen funds, with a deadline passing on Sunday, August 6.
• The exploit had brought questions about loans taken by Curve Founder Michael Egorov into focus, who has over $100 million in stablecoins across several DeFi lending protocols backed by 427.5 million CRV tokens.
Exploit Drains Over $60 Million from Curve’s Pools
On July 30th, an exploit drained several pools of Curve Finance to the tune of over $60 million. This caused widespread panic throughout the decentralized finance space and raised questions about loans taken out by founder Michael Egorov – who holds 427.5 million CRV tokens (valued at more than $100 million) across multiple DeFi lending platforms.
Curve Offers 10% Bounty for Return of Funds
In response to these losses, Curve initially offered attackers a 10% bounty for returning the stolen funds before August 6th; however, this carrot-and-stick approach was unsuccessful in achieving 100% recovery. As such, they have now opened up their search for fund recovery to the general public with a bounty of up to $1.85M USD.
Deadline Passes and Bounty Now Available To Public
The deadline has now expired and so instead offer a reward valued at 10% of the remaining exploited funds (currently standing at around $1.85M USD). This reward is available to anyone who can provide information that leads to criminal conviction in court proceedings against those responsible for stealing these funds from Curve’s pools.
Questions Surrounding Loans Taken Out By Egorov Remain Unanswered
The recent exploits have not only highlighted security vulnerabilities within decentralised finance protocols but it also brought light onto potentially risky loans taken out by Michael Egorov using his CRV tokens as collateral – which could be negatively impacted if there is further sell-side pressure due to lack of confidence in Curve’s ability to protect users‘ assets from future hacks or exploits like this one .
Conclusion
Curve Finance’s decision to open up its investigation into recovering stolen funds with a public bounty highlights their commitment towards protecting user’s assets as well as providing accountability when it comes down to dealing with malicious actors trying take advantage of loopholes within their protocol architecture and infrastructure framework.;