CoinDesk’s First Mover newsletter reported that Curve, a decentralized exchange (DEX) focused on stablecoins, was the victim of an exploit late Sunday. According to a tweet from the project, a re-entrancy bug in Vyper, a programming language used to power parts of the Curve system, put upwards of $100 million worth of cryptocurrency at risk. BlockSec, a blockchain auditing firm, estimated total losses above $42 million in a preliminary analysis. CRV, the DEX’s native token, was trading down 12% over the last 24 hours per Coinbase, but surged 500% on South Korea-based digital assets exchange Bithumb.
Optimism’s native token OP surged higher on Monday, gaining 9% on the day. This was due to an increase in transaction activity related to meme coins, including BALD, a newly-launched meme coin on Base reaching a market cap of $85 million late on Sunday. The Optimism network also saw a spike in transaction volume last week after OpenAI’s Worldcoin launched on the network.
Coinbase CEO Brian Armstrong told the Financial Times that the U.S. Securities and Exchange Commission (SEC) asked Coinbase (COIN) to stop trading in all cryptocurrencies other than bitcoin prior to suing the crypto exchange. Armstrong said, “We believe every asset other than bitcoin is a security,” and added that the agency declined to disclose its reasoning behind that conclusion. On June 6, the SEC charged Coinbase with breaching federal securities law, alleging that it was simultaneously operating as a broker, an exchange, and a clearinghouse for unregistered securities.