Binance Recovers $450k in Stolen Assets from Curve Finance

Binance Recovers $450k in Stolen Assets from Curve Finance

Almost all of the cryptocurrency stolen in the recent attack on Curve Finance has been redeemed by the popular cryptocurrency exchange Binance (a decentralized finance protocol). Binance CEO Changpeng Zhao revealed on Twitter that the exchange had frozen and recovered up to $450,000 in stolen funds, representing roughly 80% of the total.

Eighty Percent of Curve Finance Exploit Funds Recovered by Binance

According to Zhao, the hacker used multiple means to try and transfer the stolen assets to the exchange, but Binance caught him. The marketplace is currently working to restore the appropriate cash to their rightful owners. After discovering the breach on Tuesday, the staff at Curve Finance warned their users to stay away from the compromised site. Within an hour of the warning, the group said that they were close enough to the target and had enough information to address the situation.

However, before the problem was fixed, the hackers were able to steal about $537,000 in USD Coin. According to Elliptic’s (a blockchain analytics firm) experts, a hacker was able to get access to Curve Finance’s domain name system, allowing fraudulent payments to be approved. According to the experts, the exploiters subsequently attempted to hide their tracks by sending the money to other crypto mixers and exchanges.

Of 2022, there will be a dramatic increase in crypto exploits.

The hackers ultimately delivered the cash to the Binance exchange, where the venue’s personnel was able to recover them. Good people in the cryptocurrency market have been working hard all week to restore stolen assets, but this isn’t the first time they’ve done so this week. After the recent $190M theft, researchers and whitehat hackers returned about $32.6M in Tether, USDC, and the rest of the altcoins to a blockchain service company dubbed Nomad on Monday.

The Fraud of Curve-Based Finance was one of several attacks that happened this year. According to Chainalysis (a crypto analytics firm), cross-chain bridge vulnerabilities were responsible for the loss of up to $2 billion in 2022, or almost 69% of the total value of assets taken. When talking about his platform’s most recent accomplishment, Zhao said that they have accomplished this many times before.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.