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TL;DR
Hackers have discovered an exploit in Curve, the decentralized crypto lending platform.
A complete of $100M value of crypto is in danger, with an estimated $50M having been stolen as of this writing.
Full Story
Automation works…till it doesn’t.
This Curve lending story is a first-rate instance of that.
For those who’re not conversant in Curve, it’s a decentralized crypto lending platform.
Principally, people (lenders) ship their crypto to Curve and for a wholesome 4% p/y payment, others (debtors) can take that crypto out as a mortgage.
Two issues you must know right here:
The crypto that these lenders ship to Curve is stored in ‘swimming pools’
And the complete lending course of is totally automated by sensible contracts (aka traces of code) as an alternative of middlemen.
Which is cool!
…however the draw back is: if there’s an issue, there’s no customer support hotline to name.
And proper now, there’s an issue. An enormous downside.
Hackers have discovered a bug that’s giving them direct entry to huge lending swimming pools, and a complete of $100M value of crypto is in danger, with an estimated $50M having been stolen as of this writing.
Keep secure on the market people!
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