DeFi Protocol Convergence Suffers Major Hack, CVG Token Value Plummets
Thursday, 1 August 2024, 18:55
Overview of the Convergence Hack
The DeFi protocol Convergence has come under attack from an unidentified exploiter, leading to a significant breach.
Details of the Attack
- The hacker managed to create 58 million CVG tokens.
- These tokens were then swapped for roughly $200,000 worth of wETH and crvFRAX.
- The funds were subsequently sent to Tornado Cash.
Impact on CVG Token
As a direct result of this attack, the CVG token has experienced a plunge of 99% in value, raising concerns among investors.
Conclusion
This incident highlights the ongoing risks present in the DeFi space and the need for enhanced security measures to protect investors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.