Crypto protocol CrossCurve under attack, $3M reportedly exploited

The decentralized finance (DeFi) protocol CrossCurve has reportedly suffered a significant security breach, resulting in the theft of approximately $3 million worth of digital assets. The attack was confirmed earlier today, prompting immediate action from the development team.

Preliminary analysis by blockchain security firms suggests the exploit targeted a critical vulnerability within CrossCurve’s smart contracts, likely involving manipulated pricing mechanisms or a flaw in liquidity pool token handling, which allowed the attacker to drain crucial pools across the platform. The exact technical vector remains under investigation.

Following the detection of the unauthorized withdrawal, the CrossCurve team immediately paused the protocol’s operations to mitigate further losses and launched a comprehensive internal investigation. They have publicly alerted the community and engaged third-party security auditors to conduct a forensic analysis. The team stated via official channels that their priority is understanding the root cause and developing a plan to secure remaining assets and address potential user restitution. This incident represents the latest large-scale exploit in the DeFi sector, highlighting the persistent security challenges facing complex smart contract ecosystems.

Source: Crypto protocol CrossCurve under attack, $3M reportedly exploited