A few days have passed since Curve Finance, a decentralised finance (DeFi) system, faced a significant attack that resulted in the loss of up to $50 million from its funds. This is the first time that the native token, CRV, of the company is seeing a bull run. At the time of writing, CRV is trading at $0.5888, up as much as 7.2% over the previous day, according to statistics from CoinMarketCap.
Curve remediation efforts
The week-to-date (WTD) losses, which are estimated to be greater than 20%, have not been offset by Curve DAO’s current rally. One of the most significant DeFi breaches in recent memory is the Curve DAO attack, but the protocol may finally be out of the woods based on its current growth.
For the whole week, Curve creator Michael Egorov has been featured prominently on the top page, pursuing unrestricted fundraising operations aimed at replenishing the depleted liquidity on the platform. The selling of 72 million CRV tokens to 15 institutions or investors through an over-the-counter transaction at a price of $0.4 is Egorov’s most recent transaction, according to crypto analytics service provider Lookonchain.
Egorov was paid $28.8 million for these transactions, which helped him pay off some of the debt he had taken on when the Curve protocol was compromised. He presently owes $79 million in debt across five platforms and has 374.18 million CRV in collateral, valued at a total of $220.4 million.
Where doubt sets in
Without a question, the Curve creator has the cash on hand to pay back his debts and try to get things back to normal on the site. The fact that one guy may obtain up to half of the whole amount of Curve in circulation has drawn criticism from certain quarters.
The knowledge of what may happen to the protocol due to this concentration danger is increasing worries that CRV may not be completely out of the woods.
