Crypto News

Curve Liquidity Pools Exploited: Hackers Steal $24M from DeFi Protocols

Unraveling the DeFi Heist that Shook the Crypto World

On July 30, several decentralized finance (DeFi) protocols faced a sophisticated attack, resulting in a staggering loss of cryptocurrency valued at over $24 million. The hackers targeted liquidity pools on the popular automated market maker (AMM) platform, Curve.

JPEG’d Hit with $11 Million Loss

Among the affected projects, the NFT lending protocol JPEG’d experienced the heaviest hit, losing $11 million in cryptocurrency. JPEG’d boasted a total value locked (TVL) of about $32 million, allowing users to use NFTs as collateral for loans.

Alchemix and Metronome DAO Also Suffer Losses

Not only JPEG’d but other DeFi protocols also suffered considerable losses due to the exploit. Alchemix and Metronome DAO reported losses of $13.6 million and $1.6 million, respectively, in the wake of the attack.

Maximal Extractable Value (MEV) Bot Thwarts the Attack

A Maximal Extractable Value (MEV) bot detected the would-be attacker’s transaction and preemptively executed a similar transaction before them. By front-running the attacker, the MEV bot mitigated some of the losses.

Coinbase Face SEC’s Cryptocurrency Trading Restrictions

Vyper Flaw Leads to Vulnerability

The vulnerability’s root cause was traced back to Vyper, a third-party programming language used for Ethereum smart contracts. The compiler for Vyper failed, leading to the ineffectiveness of re-entry guards built into the projects’ code.

Conclusion: Security Remains a Critical Focus in DeFi

The recent exploit on Curve liquidity pools has raised concerns about the security of DeFi protocols. As the DeFi ecosystem continues to grow, ensuring robust security measures becomes paramount to safeguard user funds and protect against potential attacks. Stay vigilant and informed about the latest developments in the DeFi space to navigate the ever-evolving landscape safely.

(Source: CoinMarketCap)

Creative Mind

Hello Dope SOUL'S, I'm the founder of, a self-taught blogger with a passion for technology. My journey began with a fascination for tech's power to shape our world, leading me to self-learn computer science and engineering. After years as a self-taught software engineer, I realized my true calling lay in sharing knowledge. This inspired, where I provide valuable insights on tech trends, gadgets, and software. As a self-taught blogger, I explore new tech, analyze trends, and offer honest reviews. I believe in demystifying complex subjects for both tech enthusiasts and beginners. Beyond blogging, I actively engage in tech conferences, collaborating with industry pros to ensure my content stays accurate and relevant. is a platform dedicated to sharing knowledge, connecting with the tech community, and helping readers navigate the ever-evolving tech landscape. Thanks for joining this journey. Stay curious and tech-savvy! Best regards, [Creative Mind] Founder,

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