Ethereum's 8th birthday on July 30-31 2023 witnessed crypto market turmoil instead of a party due to the exploit of decentralised stablecoin liquidity pool Curve Finance.
MARKET CRASH
Curve Finance is built on the Ethereum network, and its exploit not only put its investors' digital assets worth more than $100 million at risk but also caused the decline in the crypto market, especially the Ethereum network. The value of CRV, the original token of Curve Finance, also dropped. However, Ethereum recovered on its birthday with a slight drop.
SHITCOIN BOOM
It happens many times that shitcoins leave big cryptos behind; the same thing happened this time when shitcoins broke records for price growth. Although the reasons behind this have not been disclosed, some shitcoins have grown so much that even small investors have become rich overnight; for example, Coinbase's shitcoin BASED increased by an astonishing 1 million percent.
BIZARRE TURMOIL
The mess after the fall of Curve has also engulfed the exchange platform. CRV is available on all major platforms like Binance, Coinbase, Kraken, Kucoin, etc. Although every major platform saw a drop, in some places the platform lost value due to a market reversal; for example, Bithumb saw an unrealistic 600%+ increase in CRV value.
