Binance Recovers $450k of the Curve Stolen Funds
- Reportedly, the hacker kept sending the stolen funds to Binance in different ways, hoping the transactions will not be detected.
- Curve finance was hacked after the attacker hijacked the firm’s DNS.
Following a hack on Curve finance earlier this week that led to a loss of $570k, the Binance crypto exchange has helped recover 83 percent today. According to a tweet by Binance CEO CZ, the company has frozen $450k after the hacker tried to liquidate the assets.
Reportedly, the hacker kept sending the stolen funds to Binance in different ways, hoping the transactions will not be detected. Hereby, CZ said that the exchange is working with law enforcement to help the affected Curve users get back their funds.
Binance Saves Curve Finance a Hectic Hustle
Binance has been the leading crypto exchange by daily traded volume for the past few years. The company has collaborated with global law enforcement to ensure safe crypto adoption. Moreover, the level of crypto scams has been reported higher in the past year than at any other time.
According to CZ, Curve finance was hacked after the attacker hijacked the firm’s DNS. Reportedly, the hacker put a malicious contract on the company’s homepage to enable cash draining.
“It appears that one customer’s domain was targeted. Our external provider’s hosted DNS infrastructure was apparently compromised and the DNS records for this domain were changed to point to a cloned web server,” Curve finance explained the situation.
Although none of the websites is foolproof to such attack, Binance has played a major role in saving Curve finance.
Worth noting, that the attack did not have severe implications on the Curve Finance native token Curve DAO (CRV). According to our data, the asset is trading at around $1.36, down approximately 2.5 percent in the past 24 hours.
Although the asset is down approximately 10 percent in the past ten days, CRV has gained around 55% in the past 30 days.
The asset has a market capitalization of $537,845,426 and its 24-hour trading volume has averaged around $146 million. Notably, there are 391,958,099 CRV tokens in the circulating supply out of the maximum supply of 3,303,030,299.
Takeaway Notes
The crypto industry is preparing for one of the largest events from the Ethereum ecosystem dubbed the Merge. According to ETH developers, the Merge is scheduled to take place in early September. After years of waiting, the largest DeFi ecosystem will now have cheap transaction fees.
Remember, Coinbase reported that the Eth ecosystem collected over $10 billion in fees last year. The proof of stake is expected to drastically reduce the fees since no mining computation will be required anymore.
Meanwhile, Curve finance’s stolen funds could have ended up in a crypto mixer like Tornado. However, following the recent ban on Tornado and the arrest of its developers, the industry is expected to become safer.
Nevertheless, due to the decentralized crypto nature, scams may never come to a complete end. Furthermore, Satoshi had predicted in the Bitcoin whitepaper that a little scam is inevitable.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
