Curve CEO Addresses UwU Lend Hack and CRV Burn Rumors
Michael Egorov, the creator and head of Curve Finance (CRV), has provided insights on the recent UwU Lend security breach, clarifying that Curve Finance was not the target of the attack. In an interview with , Egorov emphasized that “this was not a Curve exploit. This was an exploit of a separate project (UwU Lend).” He elaborated that the hacker, in their attempt to cash out, placed CRVs acquired from UwU into lend.curve.fi (LlamaLend) and escaped with the funds, resulting in left-over debt in the system.
Aware of the potential for future vulnerabilities, Egorov suggested that UwU Lend should reassess all their contracts and engage with reputable security auditors. This, he believes, will improve their defenses and potentially recover their losses.
In another development, there was a rumor that Egorov proposed burning 10% of CRV tokens, which were estimated to be worth $37 million, in a bid to stabilize the token’s price and increase annual percentage yields (APY) for voters. Egorov cleared the air, stating that the information was part of a scam orchestrated by a fake account that misrepresented his stance. Some journalists, failing to validate the source, mistakenly reported the false announcement.
When it comes to financial repercussions from the UwU exploit, Egorov confirmed, on June 15, that he had settled the $10 million in bad debt resulting from minor liquidations triggered by the hack. He elaborated, “CRVs posted as collateral for loans accounted for nearly 30% of the circulating supply; half of that was tied to Curve, so it did result in some bad debt. It has been repaid, and no one has been affected negatively.”
Discussing the measures Curve Finance is taking to handle liquidation risks in volatile markets, Egorov advised the implementation of borrowing caps for non-major cryptocurrencies (excluding the likes of BTC and ETH as collateral). He cited data demonstrating that Curve-specific markets are resilient even under such conditions.
Egorov also touched on onchain arbitrage, noting that significant industry players lacked a comprehensive understanding of handling liquidations and had not attempted partial hard liquidations for his position on Curve. This gap in knowledge led him to undertake the liquidation process independently.
Looking to the future, Egorov proposed ideas to address broader decentralized finance (DeFi) challenges related to liquidations. He suggested developing “open-source liquidation bots” and enhancing community education around the concept of liquidations.
Egorov’s responses outline the resilience and management strategies of Curve Finance amidst external breaches and internal financial issues. Through clear recommendations and proactive measures, Egorov aims to safeguard and advance the DeFi ecosystem.
39 thoughts on “Curve CEO Addresses UwU Lend Hack and CRV Burn Rumors”
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Feeling confident in Curve Finance’s future with Egorov’s clear strategies and goals.
Why are we still trusting DeFi projects with our money when they keep getting hacked? Feels like a ticking time bomb.
A $10 million debt settled quietly and were supposed to celebrate? This just shows how unstable the whole system is.
Curve Finance is in good hands with Egorov at the helm. His proactive approach is exactly what the crypto space needs!
Egorov’s insights on how to handle liquidations are on point! This guy knows his stuff.
The idea of open-source liquidation bots is brilliantdefinitely a game-changer for DeFi security.
Glad to see Egorov educating the community and proposing smart, forward-thinking solutions for DeFi challenges.
Burning tokens to stabilize price sounds like a last-ditch effort rather than a strategic move. What’s next, more ‘clarifications’?
Egorov’s commitment to repaying the bad debt is a big win for the community. It shows responsibility and integrity! 💰💼
Curve Finance is lucky to have such a committed and insightful leader. Egorov’s clarity on issues is unmatched!
Love Egorov’s transparency and commitment to security. This is how you build trust in the crypto world! 🚀💪
How long until the next ‘separate project’ gets hacked and somehow impacts Curve Finance again? It’s a tangled web.
If CRVs posted as collateral account for nearly 30% of the supply, this is a huge systemic risk. Who’s monitoring this?
Michael Egorov is truly pioneering safety and resilience in DeFi. Inspiring leadership!
Ugh, another day, another hack. When will these DeFi projects get their security right?
Transparency + proactive measures = True leadership. Kudos to Michael Egorov for setting the standard! 💯🙅♂️
So now borrowing caps for non-major cryptos? Seems like they’re scrambling for solutions after the fact. 🏃♂️
The man is a legend! Michael Egorov is pushing DeFi forward with innovative ideas and solid management. 🙌🔝
Egorov’s approach to decentralization and risk management is what sets Curve Finance apart.
Shifting blame to UwU Lend doesn’t really solve the problem. Curve Finance should still improve their own security measures! 😡
Egorov’s approach to handling liquidations is a masterclass in DeFi risk management. Keep it up!
Great to hear Egorov clearing up the false rumors and sticking to facts. His integrity is admirable! 👍👨💼
Egorov’s forward-thinking proposals and transparency set a commendable example for DeFi leaders everywhere.
Developing ‘open-source liquidation bots’ sounds like a band-aid fix rather than a real solution. Do better, Curve Finance!
Fantastic to see Egorov proactively proposing solutions to safeguard the ecosystem. His leadership is reassuring!
Egorov keeps talking about resilience, but if the industry players lack understanding, is it resilient or just lucky so far?
Absolutely appreciate Egorov’s deep dive into how Curve Finance stands strong amidst market volatility. 🏋️♂️📊
How can we believe any of this when journalists are reporting fake news because of fake accounts? Total mess.
Continually hearing about these exploits is exhausting. Maybe it’s time for major reforms or regulations.
Egorov’s expertise in the DeFi space is unmatched. Curve Finance is thriving because of his leadership!
Honestly, Egorov’s ‘clarifications’ sound like damage control. How many times do we have to hear ‘it wasn’t our fault’?
It’s fantastic to see Egorov taking such responsible steps to secure both Curve Finance and the wider DeFi ecosystem!
The DeFi space is becoming way too complicated and risky for the average user. Simplify and secure it already! 🔏
The crypto space needs more leaders like Michael Egorovtransparent, responsible, and innovative.
Michael Egorov is truly a leader in the DeFi space. His clear communication and proactive measures are a breath of fresh air!
Excellent clarification from Egorov on the CRV token rumor. Maintaining integrity is key!
Pleased to see Egorov’s emphasis on security audits for UwU Lend. This is crucial for the future of DeFi.
Is Egorov really proposing community education? Shouldn’t basic security be their priority instead?
Excellent measures proposed by Egorov for improving DeFi security. His vision is exactly what the industry needs. 🚀🔒