Sunday, November 27, 2022
 

Binance CEO Restores $450k of Curve Finance’s Stolen Funds

  • Binance CEO says the company has managed to restore 83%+ of Curve Finance’s stolen funds, which is $450k.
  • Curve Finance was breached a few days ago and Binance has been monitoring the situation since then.
  • This is not the first time this week that Binance had recovered stolen funds. They did the same for Nomad users on Monday.

Following the recent attack that targeted the decentralized finance (DeFi) system— Curve Finance— the crypto exchange Binance has been successful in recovering a significant portion of the stolen assets.

Binance CEO Changpeng Zhao “CZ” revealed on his Twitter that the company froze and recovered $450 thousand of the $573 thousand worth of stolen assets in Curve Finance, which is more than 83 percent of the theft.

On August 9, Curve Finance’s DNS was taken over by a hacker. Zhao said at the time that the hacker had placed a “malicious contract” on the homepage of the website. When the victim finally approved, the contract would empty their wallet. The damage thus far is around $570,000. In addition, he said that the security team at Binance was monitoring the situation.

He also said that they are collaborating with the company in order to restore users’ money to them. CZ added that the hacker apparently continued delivering the cash to Binance in various ways, assuming that they couldn’t catch on to what they were doing.

Interestingly, the biggest cryptocurrency exchange platform in the world has been working to restore stolen assets more than once just this week. After the recent $190 million attack on Nomad crypto firm,  “whitehat” hackers and researchers gave back to the platform an estimated value of $32.6 million worth of USDC, Tether (USDT), and other cryptocurrencies.

  • Binance CEO says the company has managed to restore 83%+ of Curve Finance’s stolen funds, which is $450k.
  • Curve Finance was breached a few days ago and Binance has been monitoring the situation since then.
  • This is not the first time this week that Binance had recovered stolen funds. They did the same for Nomad users on Monday.

Following the recent attack that targeted the decentralized finance (DeFi) system— Curve Finance— the crypto exchange Binance has been successful in recovering a significant portion of the stolen assets.

Binance CEO Changpeng Zhao “CZ” revealed on his Twitter that the company froze and recovered $450 thousand of the $573 thousand worth of stolen assets in Curve Finance, which is more than 83 percent of the theft.

On August 9, Curve Finance’s DNS was taken over by a hacker. Zhao said at the time that the hacker had placed a “malicious contract” on the homepage of the website. When the victim finally approved, the contract would empty their wallet. The damage thus far is around $570,000. In addition, he said that the security team at Binance was monitoring the situation.

He also said that they are collaborating with the company in order to restore users’ money to them. CZ added that the hacker apparently continued delivering the cash to Binance in various ways, assuming that they couldn’t catch on to what they were doing.

Interestingly, the biggest cryptocurrency exchange platform in the world has been working to restore stolen assets more than once just this week. After the recent $190 million attack on Nomad crypto firm,  “whitehat” hackers and researchers gave back to the platform an estimated value of $32.6 million worth of USDC, Tether (USDT), and other cryptocurrencies.

 

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