Michael Egorov, founder and CEO of Curve Finance (CRV), made a statement about the recent UwU Lend hack incident and stated that the incident did not target Curve Finance. "This was not a Curve exploit. This was a separate project (UwU Lend) exploit," Egorov said. He said and explained that the hacker deposited the CRVs received from UwU to LlamaLend and then disappeared, taking the money and leaving a debt in the system.
Egorov suggested that UwU Lend “re-verify all contracts and connect them to good security auditors” to prevent future exploits.
Egorov stated that reports that he suggested burning 10% of CRV tokens, i.e. $37 million worth of tokens, were misleading: "This information was tweeted by a fake account and was accompanied by a scam link. Several journalists did not verify the news and published news about it."
Egorov announced on June 15 that he had paid in full $10 million in bad debt due to soft liquidations triggered by UwU abuse.
"It shows that Curve-specific markets can be well parameterized to withstand even such conditions," Egorov said in response to a question about how Curve Finance plans to manage liquidation risks in volatile markets. he replied.
To address broader decentralized finance implications for liquidations, Egorov suggested creating “open source liquidation bots” and public education about liquidations. We are waiting your comments.#blockchain#CurveFinance #UwULend
Egorov suggested that UwU Lend “re-verify all contracts and connect them to good security auditors” to prevent future exploits.
Egorov stated that reports that he suggested burning 10% of CRV tokens, i.e. $37 million worth of tokens, were misleading: "This information was tweeted by a fake account and was accompanied by a scam link. Several journalists did not verify the news and published news about it."
Egorov announced on June 15 that he had paid in full $10 million in bad debt due to soft liquidations triggered by UwU abuse.
"It shows that Curve-specific markets can be well parameterized to withstand even such conditions," Egorov said in response to a question about how Curve Finance plans to manage liquidation risks in volatile markets. he replied.
To address broader decentralized finance implications for liquidations, Egorov suggested creating “open source liquidation bots” and public education about liquidations. We are waiting your comments.#blockchain#CurveFinance #UwULend