Michael Egorov, the CEO of Curve Finance (CRV), shared insights on the recent UwU Lend hack, emphasizing that the exploit did not target Curve Finance itself. In a dialogue with Cointelegraph, Egorov clarified that the breach occurred in a separate project, UwU Lend, where the hacker used CRVs to exploit lending mechanisms.

Egorov elaborated on the incident, stating that the hacker executed a cash-out strategy by depositing CRVs from UwU Lend into lend.curve.fi (LlamaLend) and absconded with the funds, leaving behind a debt within the system. To prevent such exploits in the future, Egorov advised UwU Lend to conduct thorough contract verifications and engage reputable security auditors to mitigate potential losses.

Additionally, there were reports about Egorov proposing a 10% burn of CRV tokens, equivalent to $37 million, to stabilize the token's value and enhance Annual Percentage Yield (APY) for voters. However, Egorov clarified in the subsequent Q&A session that these claims were inaccurate.