Binance CEO Reacts to CRV 697% Price Difference on DEXs and CEXs

  • Binance commented on the bug that caused CRV price to diverge across platforms.
  • The exchange users remain unaffected by the bug.
  • A crypto influencer revealed CRV traded $0.086 on DEXs and $0.6 on CEXs.

Changpeng Zhao, the CEO of Binance, recently took to Twitter to comment on a bug that caused the price of CRV, the native token of the Curve protocol, to diverge significantly between decentralized and centralized exchanges (DEXs and CEXs).

With a touch of humor, Zhao tweeted, “CEX price feed saves DeFi,” in response to the incident where the price difference of CRV on CEXs and DEXs was nearly 700% apart.

The CEO assured that Binance users were unaffected by the bug. He revealed that the Binance team inspected the Vyper Reentrant Vulnerability and that the exchange only employs version 0.3.7 or higher. Zhao further stressed the importance of staying up-to-date with code libraries, applications, and operating systems to safeguard assets and potential security risks.

For context, a crypto influencer tweeted over the weekend that the Chainlink team’s decision to include centralized exchanges in its price feeds saved the Curve protocol from monumental collapse.

The influencer pointed out that the CRV price significantly differed between DEXs and CEXs at the time. On DEXs, CRV was trading at around $0.086, while on CEXs, it was trading at around $0.60, representing a 697% difference.

Notably, the influencer argued that the Curve protocol would have crumpled if the Chainlink team had listened to Chris Blec, a crypto critic who has been vocal about the risks of CEXs.

Furthermore, the tweet alluded to the ChainLink team’s current use of a multi-signature setup, hinting at the team’s centralized approach. However, it mentioned the team’s plan to transition towards decentralization, reportedly once the so-called “Bug-Eaters” take over.

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