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Emergency DAO Curve terminates rewards for pools affected by hack

Emergency DAO Curve terminates rewards for pools affected by hack

The Curve Finance lending protocol has decided to remove governance token rewards for several liquidity pools that were affected by recent exploits. The decision was made by the Curve emergency decentralized autonomous organization (Curve E-DAO) and applies to pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto, and multibtc3CRV. The change can be reversed in the future through a full vote of the Curve DAO. The announcement was made by Curve E-DAO member Gabriel Shapiro on social media.

In July, the Multichain protocol experienced abnormal withdrawals of over $100 million worth of cryptocurrency, leading the Curve team to warn its users about the potential risks. On July 30, Curve Finance itself fell victim to a reentrancy attack, resulting in a loss of over $47 million. The affected pools continued to generate Curve DAO (CRV) governance token rewards, but these rewards have now been removed by the emergency DAO to prevent further participation in compromised pools.

Summary:

– The Curve emergency DAO has removed CRV rewards for select liquidity pools affected by recent exploits.

– The decision can be reversed in the future through a full vote of the Curve DAO.

– The Multichain protocol experienced abnormal withdrawals of over $100 million in July.

– Curve Finance suffered a reentrancy attack on July 30, resulting in a loss of over $47 million.

– The affected pools continued to generate CRV rewards, but these rewards have now been removed to avoid incentivizing participation in compromised pools.

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