Binance Has Recovered Most Funds Stolen from Curve Finance

Binance Has Recovered Most Funds Stolen from Curve Finance

August 13, 2022 0 By Jeanine Sanchez

Binance has recovered and frozen stolen assets worth nearly $450,000. This amounts to about 80% of funds stolen from Curve Finance.

Huge Funds Make Their Way Back

The cryptocurrency exchange said it was able to track a large chunk of the funds stolen when Curve Finance was hacked. The decentralized finance platform came under attack on Tuesday.

The announcement was made on Twitter by the CEO of Binance, Changpeng Zhao. He said the crypto exchange recovered and froze stolen assets worth $450,000. The amount is said to be over 80% of what has been stolen off the Curve Finance DeFi protocol.

CZ said the hacker who carried out the heist was trying to send the stolen funds to Binance via different means. He was, however, discovered by the platform’s system. CZ said further that the exchange is now working on getting back all the funds to their respective owners.

The development team at Curve Finance discovered their protocol was under attack on Tuesday. They immediately sent an alert to all users not to engage in transactions and to revoke any request they might have granted. The team later announced after an hour that it had been able to resolve the problem.

Benefiting from Corporation

But the hacker had successfully made away with USD Coin worth $537,000 before the situation was arrested. Experts at Elliptic, a blockchain analysis firm, said the attacker compromised Curve Finance’s Domain Name System. That was what led to the signing of malicious transactions.

The experts said further that the stolen funds were immediately sent to different exchanges, as well as different crypto mixers. All these were a grand attempt to conceal the trail of the funds. The funds were eventually sent into Binance, but fortunately, the team there caught the funds.

It is not the first time that good actors within the crypto sector will come together to recover stolen funds this week. Ethical hackers, in conjunction with crypto researchers, refunded about $32.6 million worth of USDT, USDC, and other assets to Noma on Monday. Nomad had been exploited to the tune of $190 million.

The exploit on Curve Finance is just one of several other attacks that have happened this year already. Reports from Chainalysis have it that funds worth $2 billion have been lost to attacks on cross-chain bridges. This accounts for some 69% of the total amount of funds stolen this year.