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anchored·2fi7UU…Xo2GSummary
Curve Finance is a major decentralized exchange and automated market maker (AMM) on Ethereum, optimized for low-slippage swaps of pegged assets such as stablecoins. On July 30, 2023, several of its liquidity pools were drained of approximately $70 million due to a reentrancy vulnerability in the Vyper smart contract compiler (versions 0.2.15, 0.2.16, and 0.3.0), one of the largest DeFi exploits of 2023. Separately, founder Michael Egorov's practice of using large CRV holdings as loan collateral across multiple DeFi protocols created systemic risk that culminated in a $140 million liquidation event in June 2024, generating over $10 million in bad debt across connected protocols.
Connected Entities
1 entities- + 7 more
Timeline(17 events)
November 2019
Michael Egorov publishes the StableSwap whitepaper, laying out the AMM formula that will become Curve Finance.
2020
Curve Finance protocol launches on Ethereum mainnet.
13 August 2020
CRV governance token and Curve DAO contracts deployed by anonymous community member 0xc4ad.
June 2021
Curve v2 (Cryptoswap) launches, extending the AMM to volatile asset pairs.
30 July 2023
Multiple Curve pools exploited via Vyper compiler reentrancy vulnerability; approximately $70 million drained. CRV price drops sharply, placing Egorov's $100M+ collateralized loan positions near liquidation.
August 2023
Curve Finance offers $1.85 million bounty for identification of the attacker.
7 August 2023
As of this date, 73% of stolen funds ($52.3 million) returned by white hat actors and the alleged attacker. Egorov has sold 106 million CRV for $42 million in OTC deals to stabilize loan positions.
8 August 2023
Alleged Alchemix attacker returns approximately $12.7 million voluntarily.
27 September 2023
Egorov deposits $35 million CRV to fully settle his Aave debt position.
21 December 2023
Curve DAO votes 94% approval to disburse $49.2 million in compensation to July hack victims.
February 2024
Informal six-month OTC lockup expires; several OTC buyers begin selling CRV on exchanges, pushing price below $0.40.
13 June 2024
CRV price falls approximately 24–30% in two days; Egorov's entire $141 million CRV collateral position liquidated across five protocols (Inverse, UwU Lend, Fraxlend, LlamaLend, Aave), generating over $10 million in bad debt on Curve Lend.
14 June 2024
Egorov sells 30 million CRV for $6 million USDT to clear LlamaLend bad debt; states all bad debt fully repaid.
19 December 2024
Third liquidation event: CRV slump triggers renewed liquidation of Egorov positions, per CoinDesk reporting.
5 May 2025
Curve Finance official X account compromised; attacker promotes fraudulent CRV airdrop phishing campaign.
12 May 2025
curve.fi primary domain hijacked at DNS registrar level; visitors redirected to phishing site. Smart contracts unaffected. Protocol processes over $400 million in on-chain volume during outage.
August 2025
Curve reduces annual CRV inflation rate to 5.02%, cutting approximately 22 million tokens per year in emissions.
Decision Log
- hash: 8iyKXWPVhazzSQaysxFCg29LivSAY7E26WZtPXN8oCFg
- hash: 9rKPLqj84RRiKPEKkHjJaoR8PSbqNizsPoaNMk63WgMs
- hash: 6c3oobhKZAsXyVXaDkcFfHE4FrNDzSFWg7j8bPWBe4mX
- hash: BomjZszyVSvz3UtTFgGEiYpBXhPFhTEDqZC8rXkrk9Aq
- hash: A1vdmoFxQrEfSmRGXMBSHtEgmWvus7r8xnVSgpJq3qFF
This investigation is cryptographically anchored to the Solana blockchain (5 events). 22 of 25 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:48 AM
last updated: 8/30/2026, 8:30:08 PM
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