🚨 Crypto Hot News 🚨

- Convergence was hacked through a smart contract vulnerability on August 1, hackers minted and sold $210 million in CVG tokens, along with $2,000 in unclaimed staking rewards.

- Hackers exploit vulnerabilities in the CvxRewardDistributor contract, mint 58 million CVG tokens (~$210,000) and exchange them for 60 wrapped-Ether and 15,900 Curve.fi FRAX.

- CVG token price decreased nearly 100%, currently only $0.0004 with a market capitalization of $57,000.

- Cause: The Convergence team accidentally deleted an important line of code after auditing 4 times.

- Convergence recommends users withdraw assets from the platform and commits to fixing bugs and communicating about the future of the protocol.

- Total value locked on Convergence decreased from $5.79 million to $3.69 million.

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