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DeFi Protocol Convergence Hacked, CVG Token Plunges 99% on Curve
Decentralized finance protocol Convergence, a Curve-based yield-enhancing protocol, a was exploited Thursday, sending its token's price to near-zero. The attacker created (minted) 58 million of the protocol's CVG token using a vulnerability in the protocol's codebase, and swapped the tokens for 60 wrapped ether (wETH) and 15,900 crvFRAX stablecoin using liquidity pools on Curve, web3 security auditing firm QuillAudits said. Blockchain data on Etherscan shows that the attacker's address converted the funds to ether {{ETH}} and sent the tokens to Tornado Cash. The attack caused about $210,000 loss, QuillAudits added.
Crypto Exec Pushing for Industry Support of Kamala Harris for President
The former CEO of crypto platform Uphold, J.P. Thieriot, is trying to drum up crypto support for Vice President Kamala Harris as she pursues the Democratic nomination in the presidential election, arguing that former President Donald Trump is offering empty promises to the industry and Harris is signaling a new openness.
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