Curve Finance, a leading decentralized exchange known for its liquidity and cost efficiency, has found itself grappling with significant challenges in the aftermath of a major exploit. On July 30, the exchange suffered an exploit amounting to more than $47 million, attributed to a Vyper reentrancy lock malfunction.
Following the exploit, the token’s price experienced a sharp decline, dropping by almost 20% since the attack. Recent reports have surfaced, indicating that Michael Egorov, the founder of the exchange Curve Finance, has allegedly taken loans secured by approximately 47% of the total circulating CRV.
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However, amidst the troubled situations, Egorov received notable support from prominent players in the cryptocurrency industry.
Justin Sun, DCF God, and others come to Curve Finance’s rescue
The founder of the Tron blockchain, Justin Sun, has demonstrated his support for Curve Finance. He is acquiring a significant number of CRV tokens. According to on-chain analyst Lookonchain, Sun completed the purchase of nearly 5 million CRV tokens from a wallet labeled “Curve.fi Founder” through an over-the-counter transaction. The acquisition was carried out at an average price of $0.4 per token, amounting to just over $2.3 million.
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Joining Sun in expressing confidence in Curve Finance, several other prominent entities have also made notable CRV token purchases. Machi Big Brother acquired 3.75 million CRV tokens, while DWF Labs and Cream.Finance obtained 2.5 million CRV tokens each.