CRV trading at 600% premium on South Korean exchange Bithumb

Quick Take

  • Curve Finance’s CRV token is trading at a significant premium on South Korean exchanges Bithumb and Upbit.
  • Upbit has temporarily suspended deposits and withdrawals of CRV.
  • Liquidity pools on Curve Finance using Vyper were exploited on Sunday, with $52 million drained from the platfrom by black and white hat hackers.

The Curve DAO (CRV) token price on South Korean exchanges Upbit and Bithumb has risen dramatically since Sunday's exploit, which saw $52 million drained from liquidity pools.

The CRV/KRW pair listed on Bithumb exchange decoupled from the CRV/USD pairs listed on international exchanges. The current CRV price on Bithumb is about $4.42, a premium rate of 600%. The CRV price on the Upbit exchange is currently around $0.81, a premium rate of over 55%.

In comparison, the Curve DAO token has plunged over 12% on international exchanges to $0.64 in the past 24 hours, at 6:00 a.m. ET, according to CoinGecko

Suspension of CRV deposits and withdrawals

Upbit has temporarily suspended the trading of the CRV token after the weekend's exploit. “Today, certain vulnerabilities have been discovered in some of the stablecoin pools associated with Curve (CRV). As a result, CRV is currently experiencing significant volatility. We advise exercising caution when considering any investments related to CRV,” reads the announcement. “To ensure the safety of digital asset transactions, we have temporarily suspended deposits and withdrawals for CRV.”

Curve Finance is a popular decentralized exchange (DEX), allowing users to swap like-assets such as Ethereum for Staked Ether, or Tether's USDT for Circle's USDC. It is a significant player in the decentralized finance (DeFi) ecosystem. However, the DeFi protocol saw several of its liquidity pools exploited on Sunday as a result of a bug in smart contracts that use versions of the Vyper programming language. A white hat hacker saved 2,879 ETH ($5.4 million) of the drained funds.

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