{"id":332738,"date":"2023-08-05T09:00:57","date_gmt":"2023-08-05T03:30:57","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=332738"},"modified":"2023-08-04T17:49:03","modified_gmt":"2023-08-04T12:19:03","slug":"crvusd-depegs-following-curve-hack-analyzing-the-aftermath","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/crvusd-depegs-following-curve-hack-analyzing-the-aftermath\/","title":{"rendered":"crvUSD depegs following Curve hack: Analyzing the aftermath"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">crvUSD depegged by 0.35% but has since improved to 0.1%.<\/span><\/em><\/li>\n<li><em><span style=\"font-weight: 400;\">CRV has been unable to reclaim the pre-hack price range.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The recent hacking incident involving Curve Finance had significant repercussions not only on its native token CRV but also on its native stablecoin, crvUSD. Both tokens were affected, and the extent of the damage they suffered raised concerns.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/curve-dao-token-price-prediction\" target=\"_blank\" rel=\"noopener\">Curve Finance&#8217;s [CRV] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<h4><b>crvUSD getting stable<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">On 30 July, <a href=\"http:\/\/ambcrypto.com\/curve-finance-loses-millions-as-hackers-exploit-the-vyper-bug-heres-a-rundown\/\" target=\"_blank\" rel=\"noopener\">Curve Finance<\/a> experienced a security breach, leading to a substantial loss of approximately $70 million. The exploit targeted several stable pools that used Vyper, a programming language, and exploited a vulnerability in certain versions of the Vyper compiler. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This vulnerability prevented the correct implementation of the re-entrancy guard, a mechanism designed to lock a contract and prevent multiple functions from executing simultaneously.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Due to the exploit, both the native token <a href=\"http:\/\/ambcrypto.com\/why-curve-finances-loss-is-uniswaps-gain\/\" target=\"_blank\" rel=\"noopener\">CRV<\/a> and the stablecoin <a href=\"http:\/\/ambcrypto.com\/how-curve-finance-crv-fixed-its-error-redeployed-crvusd-stablecoin-on-ethereum\/\" target=\"_blank\" rel=\"noopener\">crvUSD<\/a> were negatively affected. The value of CRV experienced a decline, and crvUSD also suffered a depegging effect. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, according to a recent post from Curve, the impact on crvUSD&#8217;s peg was relatively minor. The stablecoin only depegged by 0.35%; since then, it has improved to 0.1% as of this writing.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">What about crvUSD? How does its price react to shock events, does it depeg?<\/p>\n<p>Events of recent days felt similar to SVB\/USDC situation in some sense. However, crvUSD had just a 0.35% dip, and currently 0.1% from the peg <a href=\"https:\/\/t.co\/HaMfbkiFSR\">pic.twitter.com\/HaMfbkiFSR<\/a><\/p>\n<p>&mdash; Curve Finance (@CurveFinance) <a href=\"https:\/\/twitter.com\/CurveFinance\/status\/1687053161863811073?ref_src=twsrc%5Etfw\">August 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4><b>Volume spikes as Curve fights depegging<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Analyzing the stablecoin trend on <a href=\"https:\/\/coinmarketcap.com\/currencies\/crvusd\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, it became evident that Curve Finance&#8217;s stablecoin decline began on 31 July. During the initial stages of the decline, the trading volume showed normal movement, hovering around $30 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, as the <a href=\"http:\/\/ambcrypto.com\/22-million-of-curve-finance-stablecoin-crvusd-minted-since-launch\/\" target=\"_blank\" rel=\"noopener\">Curve<\/a> stablecoin deviated further from its peg, the trading volume started to spike. On 1 and 2 August, the volume ranged between $40 million and $60 million.<\/span><\/p>\n<figure id=\"attachment_332758\" aria-describedby=\"caption-attachment-332758\" style=\"width: 829px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_7D_graph_coinmarketcap.png\"><img decoding=\"async\" class=\"wp-image-332758 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_7D_graph_coinmarketcap.png\" alt=\"Curve stablecoin trend\" width=\"829\" height=\"570\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_7D_graph_coinmarketcap.png 829w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_7D_graph_coinmarketcap-300x206.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_7D_graph_coinmarketcap-768x528.png 768w\" sizes=\"(max-width: 829px) 100vw, 829px\" \/><\/a><figcaption id=\"caption-attachment-332758\" class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The increased trading volume as the stablecoin moved away from its peg indicated heightened market activity. Some traders chose to sell their holdings as the stablecoin lost its peg, while others took advantage of the slight decline and entered into new positions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the stablecoin gradually regained its peg, the trading volume returned to its normal trend, suggesting that market participants reacted to the changing dynamics and volatility of the stablecoin.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here&#8217;s <a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\">CRV&#8217;s marketcap in BTC&#8217;s terms<\/a><\/p>\n<hr \/>\n<h4><b>CRV&#8217;s struggles continue<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As per the daily timeframe chart, <a href=\"http:\/\/ambcrypto.com\/curve-finance-faces-uncertain-future-as-hack-spreads-fud\/\" target=\"_blank\" rel=\"noopener\">Curve Finance<\/a> has struggled to recover the price range it previously fell from. Despite experiencing an 8% rally on 1 August, it has since resumed its decline. As of this writing, the token was trading at approximately $0.5, with a less than 1% loss.<\/span><\/p>\n<figure id=\"attachment_332764\" aria-describedby=\"caption-attachment-332764\" style=\"width: 1793px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_2023-08-04_11-36-41.png\"><img decoding=\"async\" class=\"wp-image-332764 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_2023-08-04_11-36-41.png\" alt=\"CRV\/USD price trend\" width=\"1793\" height=\"707\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_2023-08-04_11-36-41.png 1793w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_2023-08-04_11-36-41-300x118.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_2023-08-04_11-36-41-1024x404.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_2023-08-04_11-36-41-768x303.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CRVUSD_2023-08-04_11-36-41-1536x606.png 1536w\" sizes=\"(max-width: 1793px) 100vw, 1793px\" \/><\/a><figcaption id=\"caption-attachment-332764\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Moreover, the Relative Strength Index (RSI) on 30 August indicated that Curve was still in a strong bearish trend. This suggested that the selling pressure and negative sentiment surrounding the token remained significant.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crisis strikes Curve Finance, impacting CRV and crvUSD. Stablecoin wobbles but recovers slightly as bearish trend challenges Curve&#8217;s resilience.<\/p>\n","protected":false},"author":76,"featured_media":332772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,5825,20],"tags":[],"class_list":["post-332738","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-stablecoins","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>crvUSD depegs following Curve hack: Analyzing the aftermath - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The Curve Finance stablecoin was hit due to the hack that the platform experienced, leading to a spike in volume.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/crvusd-depegs-following-curve-hack-analyzing-the-aftermath\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"crvUSD depegs following Curve hack: Analyzing the aftermath - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Crisis strikes Curve Finance, impacting CRV and crvUSD. 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