DeFi Protocol Convergence Hacked, Its Token's CVG Plunges 99%

IconCryptoNewsTerminal Staff01 Aug, 2024

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DeFi Protocol Convergence Hacked, Its Token's CVG Plunges 99%

Blockchain security firm PeckShield tweeted an alert stating that DeFi protocol ConvergenceFi (CVG) had been exploited, resulting in a loss of around $210k. PeckShield claims the exploit stemmed from a flaw in Convergence's contract code, allowing the hacker to mint 58 million CVG and exchange them for assets like WETH and crvFRAX before making off with the funds. Following the hack, the price of CVG plummeted by 99.67%, currently trading near $0.000404, with a fully diluted valuation (FDV) of roughly $60,000, according to CoinMarketCap.