The shares of companies in the cryptocurrency and
blockchain technology sector dropped on Tuesday after the recent crypto exploit involving Curve Finance caused
the price of Bitcoin to drop to a six-week low. The shares of
the publicly listed crypto mining companies were equally affected.
The NASDAQ-listed
Coinbase was down 8% at the time of publication, while the shares of Bitfarms have dropped 6% on the daily
chart. Similarly, Riot Platforms, Marathon Digital, and the Canadian-listed
Hurt 8 have declined 5%, 7%, and 8%, respectively.
Besides that, Bitcoin is down 1.5%, according to CoinmarketCap.
Curve Finance, a
decentralized finance (DeFi) platform for stablecoins, was hacked
during the weekend through
a vulnerability on its smart contracts platform, Vyper. Following the exploit,
the DeFi platform’s native token CRV experienced heightened volatility .
Additionally, Upbit, a South Korean cryptocurrency exchange, temporarily
suspended deposits and withdrawals in CRV.
According to the
cryptocurrency exchange Huobi, the amount believed to have been stolen from
Curve is estimated at USD $52 million. The exploit arrived when cryptocurrency
platforms are experiencing security challenges due to hacks and exploits, exit
scams, and attacks on…
