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The decentralized finance (DeFi) protocol Convergence has been hacked, resulting in a loss of approximately $210,000 and $210 million in tokens on Aug 1. The vulnerability was found in the CvxRewardDistributor contract, which failed to validate user input. The hacker exploited this flaw to mint 58 million CVG tokens, which were then swapped for 60 WETH and 15,900 crvFRAX. Additionally, the hacker stole $2,000 in staking rewards. The incident has caused the price of the CVG token to plummet to $0.0004, and the total locked value in the protocol has dropped from $5.79 million to $3.69 million. In an official post on their X handle, Convergence has advised its users to withdraw their assets and avoid interacting with the protocol.
CONVERGENCE HIT BY $210M HACK: CVG TOKEN CRASHES Convergence's DeFi protocol suffered a major breach, with a hacker exploiting a smart contract flaw to mint and sell $210 million worth of CVG tokens and steal $2,000 in rewards. This caused the CVG token to crash nearly 100%,… https://t.co/YQc4EvMAny
CONVERGENCE HIT: $210M HACK CRASHES CVG TOKEN Convergence got wrecked by a hacker minting $210 million in CVG tokens and grabbing $2,000 in rewards. CVG’s price has tanked to $0.0004, and locked value dropped from $5.79M to $3.69M. The team’s telling users to pull their assets… https://t.co/r9d19WAAIe
On Aug 1, the defi protocol @Convergence_fi was exploited for ~$210k when the hacker exploited a vulnerability in the CvxRewardDistributor contract. In an official post on their ‘X’ handle, @Convergence_fi has advised its users not to interact with the protocol and withdraw… https://t.co/d7FzVJXqeN
