The attack occurred around 3 am UTC on Aug. 1, leading Convergence’s native token CVG to plummet over 99%.
Decentralized finance protocol Convergence has confirmed it was hacked via a smart contract exploit on Aug. 1, with a hacker minting and selling $210 million in its native token, as well as stealing $2,000 in unclaimed staking rewards.
According to a newly released post-mortem from Wireshark, the pseudonymous founder of the Convergence protocol, the hacker exploited the protocol’s CvxRewardDistributor contract, allowing them to mint and sell 58 million CVG tokens for approximately $210,000.
The hacker also stole approximately $2,000 of unclaimed rewards from Convex, a DeFi protocol designed to maximize rewards for Curve liquidity providers.
