Binance recovers almost all of the stolen funds from Curve Finance, which is around $450,000 worth of the stolen assets. That would mean that Binance has recovered and frozen a whopping 80% of the money.
Binance Recovers Almost All Of The Stolen Money
The decentralized finance (DeFi) technology Curve Finance was recently hacked, and the cryptocurrency exchange Binance was the target. A significant portion of the money were recovered.
The exchange has frozen and recovered $450,000 of the stolen assets, or more than 80% of the stolen monies, according to a tweet from Binance CEO Changpeng Zhao. Zhao claims that the hacker made several attempts to transfer money to the exchange but was caught by Binance. Currently, the exchange is striving to refund the money to its rightful owners.
On Tuesday, the Curve Finance team discovered the intrusion and warned their users not to use their website. The team declared that it had discovered and fixed the problem an hour after issuing the alert. Before the problem was fixed, the attackers were still able to steal USD Coin (USDC) worth about $537,000 from the system.
Experts from the blockchain analytics company Elliptic claim that Curve Finance’s domain name system (DNS) was infiltrated by a hacker, which led to the signing of malicious transactions. The assets were subsequently transferred to various exchanges and cryptocurrency mixers in an effort to obfuscate the trail. In the end, the money was sent to Binance, where its staff successfully intercepted it.
The wonderful people in the cryptocurrency ecosystem have been working to return stolen funds on a regular basis this week. Following the recent $190 million attack, whitehat hackers and researchers gave Nomad back an estimated $32.6 million in USDC, Tether (USDT), and other altcoins on Monday.
There were numerous assaults in 2022, the Curve Finance vulnerability being only one of them. Cross-chain bridge attacks resulted in the loss of $2 billion in money, claims analytics company Chainalysis. This represents 69% of the total amount stolen during the year.
How Was Curve Finance Hacked
The exact attack mechanism is still unknown at this time (time of writing of the article) but there was a consensus that the hackers managed to clone the website and rerouted the DNS server to their fake page.
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