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Decentralized Exchanges Report Record Volumes Following $25 Million Harvest Finance Hack
Summary: Decentralized exchanges Uniswap and Curve Finance each saw spikes in trading volume exceeding $2 billion on Monday, October 26. Curve Finance recorded $2.8 billion in volume, a massive increase from the previous all-time-high of $524 million recorded in September. Meanwhile Uniswap recorded $2 billion in volume, surpassing its previous all-time-high of $950 million. The volume ...
Decentralized exchanges Uniswap and Curve Finance each saw spikes in trading volume exceeding $2 billion on Monday, October 26.
Curve Finance recorded $2.8 billion in volume, a massive increase from the previous all-time-high of $524 million recorded in September. Meanwhile Uniswap recorded $2 billion in volume, surpassing its previous all-time-high of $950 million.
The volume spike is attributed to a DeFi hacker using a mass amount of cryptocurrency across exchanges to drive down the price of USDT and USDC tokens, according to a Telegram message from Yearn Finance founder Andre Cronje. The person then bought the tokens at a discount to pay back the flash loans and net a profit and went through the whole process several times while pumping DEX volumes in the process.
By Emily Mason
Tags: Curve Finance,Decentralized Exchange,Harvest Finance,Uniswap
Link: Decentralized Exchanges Report Record Volumes Following $25 Million Harvest Finance Hack [Copy]
