RE: Curve - The Second Largest DeFi Platform - Hacked for $69 Million
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Its bad to be honest. On top of the technical issue that doesn't seem as big ... somewhere around 50M, that is small for a protocol with over 5B in liquidity but the biggest issue is reputation, lost of trust etc ... I for example will be very nervous to pool on curve now, ergo more liquidity will go away ... and on top of all of this we have our friend Justin Sun now entering the game, buying CRV at discount from the founder, who turns out to made a complete degen move taking out a 100M loan on AAVE with CRV as colateral .... I mean, cool play the borrow game, but 100M? Its to much.... basically to big of a leverage in a extremely risky environment.
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Yeah it is bad. It's small in terms of what was lost but the trust itself is the big piece of DeFi.
I actually didn't know that about JSUN. I knew that the Curve founder had the 2 big loans on Aave and another lender... He recently paid down some of the debt to make it more secure but it is crazy that he is using so much founder stake to borrow debt
The JSUN info just came out ...