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First Mover Americas: Curve Finance Exploit Puts More Than $100M of Crypto at Risk

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Curve Finance suffered an exploit over the weekend and Optimism’s OP token surges on the back of Optimism-based chain Base seeing an increase in trading activity related to memecoins. LedesmaLyllah and godbole17 report in First Mover Americas

last week after OpenAI's Worldcoin launched on the network. The gains in transaction volume for Optimism meant it surpassed its rival Arbitrum for the first time in six months, according to Dune Analytics.Coinbase to stop trading in all cryptocurrencies other than bitcoin prior to suing the crypto exchange, CEO Brian Armstrong told the Financial Times.

“We believe every asset other than bitcoin is a security,” said the SEC, according to Armstrong, who added that the agency declined to disclose its reasoning behind that conclusion. “We really didn’t have a choice at that point,” said Armstrong. “It would have essentially meant the end of the crypto industry in the U.S … Let’s go to court and find out what the court says.

The rally's exact reason is unknown, but the move appears to be a part of renewed investor interest in smaller tokens, including meme cryptocurrencies. Smaller tokens, in general, are less liquid. A few buy/sell orders tend to have an outsized impact on the going market rate.

 

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