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Convergence Hacked on Aug 1: $210M Stolen, CVG Token Crashes

Aug 2, 2024, 06:18 AM

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.