.CurveFinance's $CRV has dropped 30% since the late Sunday exploit and crypto traders are piling into shorts through perpetual futures tied to $CRV. By godbole17.
Potential liquidation would add to downside pressures on CRV, injecting volatility into the broader market.Decentralized exchange Curve's CRV token continues to lose ground as the looming threat of potential large liquidation of the founder's borrowed position has traders piling into short positions.
Early Tuesday, the cryptocurrency fell to around 5 cents, reaching the lowest since Nov. 22, according to CoinDesk data. Prices are down roughly 30% since Curve fell victim to a reentrancy attack late Sunday. The notional open interest in perpetual futures tied to CRV has doubled to $106 million alongside deeply negative funding rates, according to data source Velo. This is generally a sign of traders shorting or betting on a price decline.The bearish positioning likely stems from fears that the potential liquidation of Curve founder Michael Egorov's large borrowing positions on Aave and Frax may destabilize Curve and the wider crypto market.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Curve Finance Exploit Puts $100M+ Worth of Crypto at Risk; CRV Token TumblesMore than $100M-worth of cryptocurrency could be at risk due to a bug impacting Curve, a stablecoin exchange at the center of Ethereum’s DeFi ecosystem.
Read more »
Upbit suspends CRV deposits and withdrawals amid Curve Finance exploitSouth Korean crypto exchange Upbit has suspended deposits and withdrawals for Curve Finance's token, CRV.
Read more »
CRV trading at 600% premium on South Korean exchange BithumbThe Curve DAO token price on South Korean exchanges has risen since Sunday's exploit that saw $52 million drained from liquidity pools.
Read more »
Upbit Halts CRV Withdrawal and Deposit After Curve Finance ExploitCORRECTION: South Korea's Official_Upbit says that its suspending $CRV withdrawals and deposits because of high volatility, thesamreynolds reports.
Read more »
Curve Finance Hacker Returns $5.4 Million, But CRV Dumps 15%The CurveFinance hacker has returned $5.4 million of stolen funds! What happened and what led to $CRV dumping 15%? Read more here -
Read more »
CRV Deposits and Withdrawals Suspended on Two Major ExchangesSouth Korean crypto exchanges Bithumb and Upbit see surge in CRV prices amid trading suspension fallout
Read more »