Curve Finance Founder Clarifies UwU Lend Hack and Repays $10 Million Debt
- UwU Lend hack not a Curve exploit, hacker cashed out CRVs on Curve Finance.
- Egorov clarifies fake CRV burn announcement, no 10% token burn.
- Egorov repays $10M bad debt from UwU exploit, no impact on users.
- Curve Finance to manage liquidation risks with borrow caps and liquidation bots.
- Egorov suggests community education on liquidations for decentralized finance.
Summary :
Michael Egorov, the founder and CEO of Curve Finance, has clarified that the recent UwU Lend hack did not exploit Curve Finance itself. The hacker deposited stolen CRV tokens from UwU Lend into Curve Finance and disappeared with the funds, leaving his debt behind. Egorov recommended that UwU Lend take measures to prevent future exploits by verifying all contracts and connecting with security auditors. Egorov also addressed misinformation about burning 10% of CRV tokens, stating that it was a tweet from a fake account. He announced that he has fully repaid the $10 million in bad debt caused by the UwU exploit. Egorov discussed how Curve Finance plans to manage liquidation risks and suggested the creation of open-source liquidation bots and community education about liquidations.
Sources :
- CoinTelegraph
