Exchanges Alert For This Altcoin: Transactions Suspended!

Cryptocurrency exchanges have issued a warning for an altcoin. So why was this warning made? How will it affect developments? On the other hand, will it take longer for the problem to prolong? Let’s look at the details together.

Upbit suspends altcoin CRV transactions

Upbit’s precautionary suspension of CRV deposits and withdrawals was on the agenda. Accordingly, the altcoin came after a reentrancy attack in the Curve Finance ecosystem. Binance stressed that its users are not affected as the CEX price flow provides additional security. On the other hand, OKX published a statement on its token landing page warning users of potential losses.

Following a recent vulnerability affecting the altcoin Curve Finance CRV, South Korean crypto exchange Upbit has suspended deposits and withdrawals. Other exchanges such as OKX have also issued a surge alert in response to the attack. The vulnerability was discovered in the DeFi ecosystem over the weekend. It also resulted in a significant loss of funds.

Upbit halts altcoin withdrawals amid volatility

The exploit in question included reentrancy attacks. On the other hand, on July 30, stealing approximately 50 million dollars became the agenda. In response, Upbit asked all its users to be wary of the increased price volatility of the altcoin CRV.

Another crypto platform, OKX, has issued a warning on its token landing page. Accordingly, “OKX will not be held liable for any altcoin CRV trading loss.” was the emphasis.

Binance says users are not affected

Binance CEO Changpeng Zhao stated on Twitter that Binance users were not affected by the altcoin CRV hack. “CEX price flow is saving DeFi,” Zhao said. Binance users are not affected. Our team checked the Vyper Reentrant Vulnerability. We only use versions 0.3.7 or higher.” said. After the Binance CEO’s statements, we see that the stock market users breathe a sigh of relief.

The Binance CEO hints that the exchange’s use of a centralized price feed for DeFi tokens provides an additional layer of security. Zhao also insisted on updating code libraries, applications and operating systems. In response to the incident, altcoin Curve Finance stated that the attack affected certain stablecoin pools, including alETH, msETH, and pETH using Vyper 0.2.15. CRV/USD stablecoin pools were unaffected. But the wider impact of the hack has users worried. When we look at Kriptokoin.com, altcoin CRV experienced a sharp decline after the hack. The price is down more than 12%.