Bitrue Bulletin | 31.7.2023–6.8.2023|

Bitrue
4 min readAug 7, 2023

Curve Exploit Triggers $70 Million Loss and TVL Decline, Affecting DeFi Sector — Curve Finance, a prominent decentralized exchange (DEX), encountered a security exploit due to a vulnerability in the Vyper programming language, leading to a loss exceeding $70 million USD across multiple liquidity pools. Subsequent to the breach, the Total Value Locked (TVL) on Curve witnessed a sharp descent from about $3.25 billion USD to a nadir of approximately $1.69 billion USD by Tuesday, as users abandoned the platform. Consequently, the price of CRV, Curve’s native token, dipped by roughly 30%, sliding from approximately $0.75 USD pre-exploit to a low of about $0.50 USD before a slight recovery to around $0.60 USD. Amid the aftermath, CRV encountered additional selling pressure as news emerged that Curve founder Michael Egorov held substantial loans backed by 427.5 million CRV tokens, reportedly leading him to sell 106 million CRV tokens through over-the-counter transactions to mitigate potential liquidation risks associated with outstanding loans. The exploit’s impact echoed across the DeFi sector, with Synthetix (SNX), Compound (COMP), and Aave (AAVE) experiencing significant declines this week, although the situation has been comparatively contained due to coordinated efforts by notable crypto traders, who rallied to support Curve Finance by acquiring CRV tokens.

Memecoin BALD’s Price Surge Turns Sour Amid Alleged Connection to Alameda — A resurgence of memecoin enthusiasm unfolded on Coinbase’s Ethereum Layer-2 network Base earlier this week, as the previously unheard-of coin BALD gained popularity on X (formerly Twitter). The coin’s market capitalization skyrocketed to around $85 million USD, and its trading volume surpassed $100 million USD, fueled by speculations of its affiliation with a figure within Coinbase. However, the excitement was short-lived as BALD’s prices plummeted dramatically on Monday, a result of a suspected rug pull where liquidity was abruptly withdrawn. Subsequent investigation suggested a link between BALD’s developer and Alameda Research, a trading and research firm associated with Sam Bankman-Fried, the indicted founder of FTX. Consequently, BALD’s market cap dwindled to $7.7 million USD by Friday, highlighting the volatile nature of the memecoin phenomenon and the potential repercussions of alleged connections in the crypto space.

Litecoin Halving Occurs Quietly as Mining Rewards Reduced to 6.25 LTC — The recent Litecoin (LTC) halving event took place with considerably less excitement compared to past occurrences. Analogous to Bitcoin’s halving events, the latest LTC halving resulted in a reduction of the network’s mining rewards, decreasing from 12.5 LTC to 6.25 LTC. Interestingly, unlike previous halvings that often generated substantial market attention, this LTC event unfolded with relatively muted fanfare. Over the course of the week, the price of LTC experienced a decline of over 10%, witnessing a drop from approximately $96 USD on Sunday to around $83 USD by Friday.

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In a special edition of Bitrue’s “Ask Me Anything” Twitter Space session, we had an interesting discussion about Worldcoin’s future and outlook. We were joined by guests from different verticals of the Web3 world, including Anthony (Trip), the founder of Hype Unit, 0xLeon, the Co-Founder of CrossSpace, Cole, the COO of ScalingX, and James, Venture Partner of CGV and Partner of Terminal3. In case you missed out, you may listen to the recording here.

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