Binance Recovers $450,000 From The Curve Finance Hack

Binance-Curve

✍️ 13 August, 2022 - 13:23 👤 Editor: Jakub Motyka

  • Curve Finance has suffered an exploit that allowed the theft of $573,000 of its funds.
  • The CEO of Binance claims to have recovered $450,000 from the hack.
  • Thanks to the rapid response of the development team and the cooperation of the various exchanges, the damage was almost nil.

Changpeng Zhao (CZ), the renowned CEO of Binance, has confirmed the recovery of the vast majority of funds stolen from Curve Finance. Through his Twitter account, he assured that the company managed to freeze and recover nearly $450,000 of funds stolen from the platform. This represents close to 80% of the total taken out of the protocol, through the frontend exploit of last August 9th.

Thanks to the hacking of the nameserver of the Curve Finance page, cybercriminals were able to redirect visits to a fake page. In this way, each time a transaction was approved, they proceeded to drain the funds to an external wallet. However, thanks to the immediate reaction of the community and the development team, it was possible to minimize the damage and repair the exploit in a matter of hours. With the cooperation of different exchanges, such as Binance and FixedFloat, almost all the funds have been recovered.

Binance CEO Mocks Curve Finance Hacker

CZ commented that the culprit behind the attack on Curve Finance “kept sending the funds to Binance in various ways, thinking we couldn't catch him”. He, in turn, assured that he was actively working to find a way to return the funds to the affected users. However, the process could be long and complicated, as a large part of the funds were "laundered" by Tornado Cash. 

Binance has played a major role in fighting hacks in the cryptocurrency world. For this, he created a USD 1 billion fund at the beginning of the year , in order to provide support in cases such as that of Curve Finance. So far, he has obtained several victories, such as the recovery of USD 5.8 million during the Ronin Bridge hack, among others.

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