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Binance Recovers Most of Funds Stolen by Curve Finance

 


Market-leading crypto exchange Binance has recovered a large portion of funds stolen in the attack on major DeFi protocol Curve Finance.


According to a related tweet from Binance CEO Changpeng Zhao, a total of $450,000 in stolen funds was frozen and recovered, accounting for nearly 80% of the total stolen. Zhao states that the hacker tried to transfer the funds to Binance in various ways, but the trading platform noticed. The exchange is already in the process of returning crypto assets to their rightful owners.


The Curve Finance team noticed the hack on Tuesday and asked users to stop accessing the company's website. Almost an hour after the warning, the development team reported again that the vulnerability had been found and fixed. Nonetheless, by then the hackers were able to loot approximately $537,000 in the form of the USD Coin ( USDC ) stablecoin.


According to experts at analytics firm Elliptic, the hacker had compromised Curve Finance's domain name system (DNS), allowing it to pass illegitimate transactions. The funds thus scammed were then sent to various exchanges and crypto-mixers to try to cover their tracks. Ultimately, the cryptocurrencies should then be deposited on Binance, which was noticed by the large crypto exchange.


This isn't the first instance where parts of the crypto community have been able to recover stolen funds. As recently as Monday, a whitehat hacker was able to reclaim $32.6 million in USDC, Tether ( USDT ) and other altcoins drained as part of the $190 million attack on Nomad.


The attack on Curve Finance is by no means the only incident in 2022. According to the analysis company Chainalysis, a whopping 2 billion US dollars have already been stolen from attacks on cross-chain bridges in the current year alone. This is 69% of the total funds hacked this year.

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