TL;DR

• Hackers have found an exploit in Curve, the ​decentralized​ crypto lending platform.

• A total of $100M worth of crypto is at risk, with an estimated $50M having been stolen as of this writing.

Full Story

Automation works...until it doesn’t.

This Curve lending story is a prime example of that.

If you’re not familiar with Curve, it’s a ​decentralized​ crypto lending platform.

Basically, folks (lenders) send their crypto to Curve and for a healthy 4% p/y fee, others (borrowers) can take that crypto out as a loan.

Two things you need to know here:

1. The crypto that these lenders send to Curve is kept in ‘pools’

2. And the entire lending process is fully automated by ​smart contracts​ (aka lines of code) instead of middlemen.

Which is cool!

…but the downside is: if there’s a problem, there’s no customer service hotline to call.

And right now, there’s a problem. A big problem.

Hackers have found a bug that’s giving them direct access to massive lending pools, and a total of $100M worth of crypto is at risk, with an estimated $50M having been stolen as of this writing.

Stay safe out there folks!