Curve, widely regarded as the backbone of the decentralized finance (DeFi) ecosystem, fell victim to a reentrancy attack that risked $100 million worth of digital assets, yet the native token of the stablecoin-focused decentralized exchange, CRV, is trading significantly higher on South Korea-based digital assets exchange Bithumb. At press time, Bithumb’s CRV/KRW pair changed hands at KRW 5,565 ($4.36), up more than 500% for the day.
Journalists reached out to Bithumb, seeking information on the increased price volatility. Per Bithumb’s local rival Upbit, some of Curve’s stablecoin pools were affected by the reentrancy attack, which is responsible for the volatility in CRV. Upbit suspended withdrawals and deposits of CRV to ensure the safety of digital assets transactions. At press time, the CRV/BTC pair on Upbit traded 55% higher on the day.
Despite the exploit, some prominent industry players remain confident of CRV’s long-term prospects. Jihan Wu, co-founder of Bitman and Matrixport, said in a tweet, In the coming RWA wave, $crv is one of the most important infrastructures. I have BTFD. NFA. Tron’s Justin Sun also extended support to Curve and the affected parties by the exploit.