Binance CEO Changpeng Zhao “CZ” shared new details regarding the Curve attack on Friday. He said the exchange had frozen and recovered $450,000 stolen from DeFi protocol Curve.Finance earlier this week. Here are the details…
Binance recovers stolen user funds from Curve
The past few months have been wild for the crypto community. With several projects and user funds filing for bankruptcy, hacks and exploits, the bear market has deteriorated. Earlier in the week, Curve Finance, a leading auto market maker, was hacked, as we reported on Kriptokoin.com. The platform has confirmed that its DNS has been compromised. Some pointed out that $570,000 was stolen from the platform. Now, according to reports, Binance seems to have reclaimed a significant portion of these funds.
Binance froze/recovered $450k of the Curve stolen funds, representing 83%+ of the hack. We are working with LE to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can't catch it. 😂#SAFU https://t.co/Ekea9moeAw
— CZ 🔶 Binance (@cz_binance) August 12, 2022
Changpeng Zhao explained that the trading platform Curve Finance helped users get their stolen funds back. According to CZ, the exchange has recovered $450,000 of the $570,000 stolen from Curve Finance. This amount represents 83 percent of the losses. Notably, shortly after the attack earlier this week, malicious individuals sent the stolen funds to Binance using different tactics. Interestingly, Binance took control by tracking and freezing the stolen funds as the hackers continued to send the funds to the exchange. Binance is now working to refund users. CZ used the following statements:
Binance froze/recovered $450,000 of Curve stolen funds, which represents more than 83 percent of the hack. We are working with the authorities to return the funds to users. The hacker kept sending the funds to Binance in different ways, thinking we wouldn’t be able to catch them.
What is the latest situation in Curve Finance?
Earlier cryptocoin.com As we mentioned, Curve Finance’s DNS was compromised. The hacker reportedly created a malicious contract on the platform’s homepage. Following this, the victims continued to ratify the contract. This situation led to the expansion of the hack. Binance’s CZ highlighted the fact that Curve Finance uses GoDaddy for DNS. It was advised to stay away from this place as it is a relatively unsafe platform. Especially given that Curve is a web3 project.
Changpeng Zhao pointed out this error and said, “No web3 projects should use it. It’s very sensitive to social engineering,” he said. Yesterday, the platform announced on Twitter that it is now safe to use. Curve Finance noted that the DNS settings were propagated. At the time of writing, Curve DAO’s CRV token is down 3 percent at $1.37. CRV has lost 10 percent in the last 14 days, while it has risen 56 percent in 30 days.
