Last chance for thieves. 62 million of dollars this is the official amount (to date) stolen from the hack of numerous pools on the well-known Curve Financeon July 30. After the shock of the news, management immediately set about containing the panic by selling large quantities of CRV to recover liquidity and prevent the liquidation of its numerous positions in various DeFi protocols, such as Aave, Abracadabra, Fraxlend and Inverse Finance. But this was not enough, and the company must continue to sell tokens. Finally, the most surprising aspect of this affair is the funny proposal made to the thieves, which we’re going to reveal to you right now.
Curve continues to sell CRVs to pay off debts
As is often the case in such situations, the token of the protocol has undergone a sharp dropfurther worsening the financial situation of the positions taken by Michael Egorovfounder and head of Curve. He continued private treaty sales – over the counter (OTC) – in recent hours, in an attempt to plug the colossal hole of 80 million of dollars left by the events of recent days.
Blockchain sentinels have thus spotted an OTC sale of $10 million in two transactions to Wintermute Trading which bought 25 million CRV. Other exchanges were also observed, notably towards Gnosis Chain and Reserve Protocol. However, this may not be enough, especially if the price of CRV continues to fall.
A risk management specialist on DeFI pointed out in an Aave forum that if the CRV hit the fateful threshold of 0.368Aave would then be obliged to sell its collateral in CRV tokens. As this would take place in a low-liquidity market, the movement is described as a « risky by this expert.
>> Prefer to keep your cryptos safe? Choose a Ledger wallet (commercial link) >>;
A 10% bonus or legal action: that’s the question
But another solution was just around the corner for Curve, and it took the form of a original proposal. Curve Finance, Metronome and Alchemix have offered to return the money to the pirates behind the theft, but with a small bonus. So they posted a message chained to the address of said hackers to inform them that they could keep 10% of their booty if they returned the remaining 90%. In exchange, there will be no no lawsuits and the story ends there. The recipients have until August 6 to reply.
After this deadline, their premium will become a reward for anyone providing information leading to the arrest and imprisonment of the pirate(s). The message even concludes with a threat:
« We will prosecute you, using every legal avenue and to the full extent of the law. »
The thief or thieves therefore have approximately 48 h to decide whether to sunbathe with a few million dollars or become a fugitive with several dozen. In another case somewhat similar to this one, the hacker had finally decided to pocket the bounty and return the rest. As the saying goes« a fault confessed is half forgiven ».. In the web 3, it’s all there with a bonus.
For peace of mind, equip yourself with a Ledger secure hardware wallet, there’s something for everyone. Your security is priceless (commercial link).