Monday, August 25, 2025
No Result
View All Result
Coin Digest Daily
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
No Result
View All Result
Coin Digest Daily
No Result
View All Result

DeFi Protocol Convergence hit by major hack, CVG token collapses – CoinJournal

2 August 2024
in Scam Alert
Reading Time: 2 mins read
0 0
A A
0
Home Scam Alert
Share on FacebookShare on Twitter


Decentralized governance hedge fund platform Convergence exploited.
58M CVG tokens minted and swapped.
CVG token worth plunged 99% from $0.12 to $0.0004 following the hack.

On Thursday, the decentralized finance (DeFi) protocol Convergence skilled a extreme breach, leading to a dramatic collapse of its CVG token.

The exploit concerned the creation of 58 million CVG tokens, which had been then exchanged for roughly $200,000 value of wrapped Ether (wETH) and crvFRAX stablecoin.

Hacker exploited a vulnerability in Convergence’s codebase

This malicious exercise was carried out utilizing a vulnerability inside the protocol’s codebase, in keeping with web3 safety agency QuillAudits.

The attacker leveraged this flaw to mint a large quantity of CVG tokens, subsequently swapping them for wETH and crvFRAX by Curve’s liquidity swimming pools. Following the token trade, the attacker transformed the funds into Ether (ETH) and transferred them to Twister Money, a privateness device designed to obscure transaction trails.

This breach led to an estimated $210,000 in monetary losses, whereas CVG token holders confronted a catastrophic decline within the token’s worth.

Earlier than the assault, CVG had a totally diluted valuation of $17 million. Nonetheless, the token’s worth plummeted by 99% within the Curve liquidity swimming pools, dropping from $0.12 to a fraction of a cent, buying and selling at $0.0004.

Frens, @Convergence_fi was simply hit by an exploit leading to a lack of round $210,000. 🚨

The attacker minted 58 million $CVG tokens & swapped them for 60 WETH & 15.9k crvFRAX.

The worth of $CVG on the time of exploit was $0.1155. It dumped 99% and is at the moment at $0.000413… pic.twitter.com/43MJGjQg2i

— QuillAudits ➡️ Web3 Safety 🥷🛡️ (@quillaudits_ai) August 1, 2024

Convergence asks customers to pause actions on the platform

In response to the incident, Convergence has suggested customers to chorus from interacting with the protocol to keep away from additional danger.

🚨 URGENT COMMUNICATION 🚨

Convergence has been hacked. Please do not work together with the protocol.

— Convergence (@Convergence_fi) August 1, 2024

The protocol’s staff and safety specialists are at the moment investigating the breach to forestall future vulnerabilities and mitigate the harm attributable to the exploit.

This incident underscores the continued dangers related to DeFi protocols and the significance of sturdy safety measures in safeguarding digital belongings.

Share this articleCategoriesTags





Source link

Tags: CoinJournalCollapsesconvergenceCVGDefihackHitMajorProtocoltoken
Previous Post

Comarch Forges Strategic Partnership with DSK Bank – Finovate

Next Post

Protocol Village: Injective Starts ‘Altaris’ Upgrade, Switchboard Releases ‘Oracle Aggregator’

Related Posts

Fake Ethereum trading bots on YouTube help scammers steal over $900K
Scam Alert

Fake Ethereum trading bots on YouTube help scammers steal over $900K

9 August 2025
CrediX hack adds to $3.1 billion DeFi losses in 2025 as multisig failures surge – CoinJournal
Scam Alert

CrediX hack adds to $3.1 billion DeFi losses in 2025 as multisig failures surge – CoinJournal

6 August 2025
Deepfake scams cost $200M: A threat we can’t ignore
Scam Alert

Deepfake scams cost $200M: A threat we can’t ignore

5 August 2025
Grok refuses to pick winner for Crypto Rover competition citing ZachXBT pump and dump evidence
Scam Alert

Grok refuses to pick winner for Crypto Rover competition citing ZachXBT pump and dump evidence

22 July 2025
XRP trading volume soars as new ATH attracts deepfake scam targeting investors
Scam Alert

XRP trading volume soars as new ATH attracts deepfake scam targeting investors

18 July 2025
FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal
Scam Alert

FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

19 July 2025
Next Post
Protocol Village: Injective Starts ‘Altaris’ Upgrade, Switchboard Releases ‘Oracle Aggregator’

Protocol Village: Injective Starts 'Altaris' Upgrade, Switchboard Releases 'Oracle Aggregator'

Hamster Kombat Releases Whitepaper, Allocates 60% of Upcoming Airdrop to Community Distribution – Games Bitcoin News

Hamster Kombat Releases Whitepaper, Allocates 60% of Upcoming Airdrop to Community Distribution – Games Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

19 July 2025
PENDLE token goes live on BeraChain and HyperEVM to expand cross-chain utility – CoinJournal

PENDLE token goes live on BeraChain and HyperEVM to expand cross-chain utility – CoinJournal

30 July 2025
A Russian Hacking Group Is Using Fake Versions of MetaMask to Steal $1M in Crypto – Decrypt

A Russian Hacking Group Is Using Fake Versions of MetaMask to Steal $1M in Crypto – Decrypt

10 August 2025
Ethereum Reclaims $4,600 With Unprecedented $1 Billion In Spot ETF Inflow

Ethereum Reclaims $4,600 With Unprecedented $1 Billion In Spot ETF Inflow

13 August 2025
XRP Price Blasts Higher by 10%, Bulls Eye Even Bigger Gains

XRP Price Blasts Higher by 10%, Bulls Eye Even Bigger Gains

8 August 2025
PEPE Gears Up For 120% Move As Indicators Point To An End Of Decline | Bitcoinist.com

PEPE Gears Up For 120% Move As Indicators Point To An End Of Decline | Bitcoinist.com

8 August 2025
xAI Hit With Lawsuit From Ethereum Gaming Network Xai

xAI Hit With Lawsuit From Ethereum Gaming Network Xai

25 August 2025
Blockchain.News Makes History: First AI-Powered Web3 Media Brand Listed on MINAX

Blockchain.News Makes History: First AI-Powered Web3 Media Brand Listed on MINAX

25 August 2025
Analyst Says Solana Price Is At The Gates Of Massive Breakout, Here’s The Target

Analyst Says Solana Price Is At The Gates Of Massive Breakout, Here’s The Target

25 August 2025
Solana (SOL) Closes Above $200 Mark, Bulls Aim for Another Breakout

Solana (SOL) Closes Above $200 Mark, Bulls Aim for Another Breakout

25 August 2025
2025 YTD: Fewer Bitcoin Transfers, Far Lower Fee Share Versus 2024 – Learning – Insights Bitcoin News

2025 YTD: Fewer Bitcoin Transfers, Far Lower Fee Share Versus 2024 – Learning – Insights Bitcoin News

25 August 2025
Avail aims to revolutionize blockchain with a universal unification layer

Avail aims to revolutionize blockchain with a universal unification layer

25 August 2025
Facebook Twitter Instagram Youtube RSS
Coin Digest Daily

Stay ahead in the world of cryptocurrencies with Coin Digest Daily. Your daily dose of insightful news, market trends, and expert analyses. Empowering you to make informed decisions in the ever-evolving blockchain space.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Web3

SITEMAP

  • About us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$111,491.00-2.90%
  • ethereumEthereum(ETH)$4,592.03-3.81%
  • rippleXRP(XRP)$2.94-2.80%
  • tetherTether(USDT)$1.000.01%
  • binancecoinBNB(BNB)$859.10-1.19%
  • solanaSolana(SOL)$198.86-4.61%
  • usd-coinUSDC(USDC)$1.000.00%
  • staked-etherLido Staked Ether(STETH)$4,577.56-3.92%
  • tronTRON(TRX)$0.351867-3.77%
  • dogecoinDogecoin(DOGE)$0.220249-4.95%