🛑 Convergence Finance Hacked 🛑

Convergence Finance, a DeFi project, experienced a severe security breach on August 1st, resulting in the loss of 99.6% of its native cryptocurrency, CVG. A hacker exploited a vulnerability in the ‘CvxRewardDistributor’ contract to mint and sell 58 million CVG coins, causing the price to plummet from $0.11 to $0.0004. Despite four security audits, the flaw was introduced after these reviews. The hacker profited $210,000 and moved the funds through Tornado Cash. Convergence Finance advised users to withdraw their funds and expressed regret, but recovery of the CVG price remains uncertain.