Open interest in CRV-linked futures skyrockets as Curve token reels from recent attack

Quick Take

  • Curve’s native token CRV experienced a sharp price decline due to a reentrancy attack, prompting founder Michael Egorov to take measures to stabilize his personal DeFi position.
  • Amid the market turbulence, Egorov made notable transfers, including repaying a loan of 5.13 million FRAX stablecoins and reclaiming 12.5 million CRV tokens as collateral.

CRV, the native token of Curve, plummeted in price from 0.73 to $0.5 after a reentrancy attack on the Curve platform. The protocol's founder is now fighting to relieve some of the pressure.  

CRV's value hit the $0.5 mark earlier today, a low point since November of the prior year, before rebounding to 0.59. At the same time, open interest in CRV-linked perpetual futures grew to over $124 million, according to Coinalyze data. Data on negative funding rates, also tracked by Coinalyze, suggests traders could be shorting CRV in anticipation of further price dips.

In response, Michael Egorov, the founder of Curve, tried to stabilize his personal DeFi position.

Three key transfers


Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro