Curve Finance was exploited on July 30, resulting in a loss of over $70 million. InsurAce’s Advisory Board has completed the investigation and recommends that this is a claimable risk event related to Curve Finance. We advised our users to wait for more detailed information and updates on Curve Finance for a more accurate claim assessment. This conclusion is based on our Smart Contract Vulnerability Cover T&C, due to the following reasons below:
- Root cause: Vulnerability found in the Smart Contract due to bug in Vyper codebase versions 0.2.15, 0.2.16, and 0.3.0.
- Reference: Curve Finance on Twitter
- Users held an active cover on July 30 at 1:10 PM UTC.
- Users who have funds in CRV/ETH, pETH/ETH, alETH/ETH or msETH/ETH Curve pools AND suffered a material loss (the resulting loss will factor in any compensation plans to affected users).
Claim Deadline (Before the expiration of the earlier of):
- 21 days after this announcement – 5 Sep 2023 23:59:59 GMT+8; or
- 15 days after the Cover Period has expired
Please refer to the evidence checklist for Smart Contract Vulnerability Cover when submitting your claims.
InsurAce, a decentralized global risk cover protocol, offers mutual protection for digital assets against risks such as hacking, smart contract bugs, and stablecoin de-pegging. The platform features two membership-governed mutual pools and uses the $INSUR token for membership rights. With smart contracts issuing covers and a seamless user experience, the need for intermediaries is eliminated. The platform’s unique selling points include Low Fee Portfolio Cover, a Wide Product Range, SCR Mining, and Reliable Transparent Payouts.
InsurAce ‘s innovative approach includes portfolio-based coverage for a diversified risk management tool, support for DeFi protocols across multiple blockchains, and permissionless access for users. InsurAce is committed to continuous evolution, working on fair claims handling, adaptable coverage options, and collaboration with other DeFi protocols.
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