Curve Finance Collaborates with BNB Chain, CRV Price Drops After Recent Hack

. Michael Egorov, founder and CEO of Curve Finance, who has been in the eye of the storm of late, expressed hope for the collaboration and said,

“BNB Chain has earned a significant presence in DeFi, and is well positioned to deploy Curve’s current and future products on its chain.” CRV jumped 5% to $0.64 following the news of the investment on 10 August. However, the DeFi coin quickly fell in value, resting at $0.60 at the time of writing, data fromThe decentralized exchange has hogged mostly negative headlines after malicious players extracted assets worth $73.5 million from its variousThe hack sparked off liquidation concerns over CEO’s Egorov loans worth more than $100 million, all of which were secured using CRV tokens as collateral on prominent lending protocols.

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TVL of Curve Finance Platform Decreases SignificantlyThe total value locked (TVL) for a specific pool on the Curve Finance platform has dropped from $1.6 billion to $398 million, impacting the overall TVL of the platform. The TVL of the platform also experienced a significant decrease after a hack incident, but has since recovered to around $2.4 billion.
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