Di. Sep 26th, 2023

• Curve Finance is offering incentives to the public in its quest to recover stolen funds after a recent exploit drained $60 million from its pools.
• The team is offering a bounty of 10% for information leading to the conviction of the attacker that stole from its swap pool.
• Questions have been raised about loans taken by Curve Founder Michael Egorov with fears of contagion spreading across the DeFi ecosystem.

Curve Kicks-off Manhunt for Stolen Funds

Curve Finance, one of the most popular decentralized finance protocols, has recently had over $60 million stolen from their pools and is now turning to the public for help in recovering it. The team has offered a 10% bounty for any information that could lead to the conviction of the attacker who took funds from their swap pool.

Exploit Raises Questions About Loans Taken By Curve Founder

The exploit has caused panic throughout the DeFi ecosystem and brought up questions about loans taken by Curve founder Michael Egorov; he currently holds over 427.5 million CRV tokens – 21.4% of total supply – backed by $100 million in stablecoins loans across multiple DeFi lending protocols.

Carrot-and-Stick Approach Fails To Achieve 100% Success

The team initially attempted to lure exploiters back with a 10% bounty and promise not to pursue prosecution if they returned the stolen funds, however this approach only achieved partial success as they still have an $18.5 million deficit left unaccounted for. With this deadline now passed, they are extending this offer out to anyone in general with knowledge that could lead to conviction in court regarding these thefts.

General Public Offered Reward For Information Leading To Conviction

The team behind Curve Finance have now released an Ethereum transaction data outlining their offer: “We now extend the bounty to the public and offer a reward valued at 10% of the remaining exploited funds (currently $1.85M USD) to the person who is able to identify the exploiter in a way that leads to a conviction in courts” They also stated that anyone who voluntarily returns all or part of what was taken will receive no retribution from them – unless criminal proceedings are already underway against them at this point, then none would be offered under any circumstances.

Fear Of Contagion Spreading Across DeFi Ecosystem

The fear among many within DeFi is that contagion will spread throughout other projects due to this incident; such fears were amplified when news broke regarding large sums being loaned out by founder Egorov which could be potentially used as collateral damage if something goes wrong should this attack remain unresolved or more issues arise soon after it’s closure.. Regardless, Curve Finance remains adamant on recovering these funds both through legal means and incentivizing people within their community which may hold key pieces of evidence towards apprehending those responsible for this breach

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