Binance recovers $450K from Curve Finance hack

Funds are SAFU with CZ.
Binance recovers $450K from Curve Finance hack

Seychelles-based Cryptocurrency exchange Binance has managed to freeze a large chuck of the funds recently stolen from DeFi protocol Curve Finance

Binance CEO Changpeng Zhao “CZ” announced on Twitter that the exchange was able to identify certain transfers linked to the hack, which resulted in the recovery of $450K – approx 83% of the total funds stolen. The exchange is now working on returning the funds to the rightful owners. 

On Tuesday, Curve Finance suffered a front-end exploit because of a DNS attack, leading to a theft of about $570,000 worth of tokens. Eventually, the protocol fixed the issue and restored its website. 

Curve also urged other projects to move to web3-based ENS, which is underpinned by two smart contracts on Ethereum, from DNS to improve security. 

On the same day, crypto exchange FixedFloat also recouped some of the stolen funds sent to its accounts. 

The attackers kept sending the hacked funds to various exchanges and mixers in an attempt to hide any trail. However, most of it seems to have been caught now. 

This isn’t the first instance where stolen funds have been recovered. On Monday, good actors dubbed whitehat hackers returned an estimated $32 million worth of assets pilfered from the $190 million Nomad bridge exploit

Even though hacks have been rampant this year, good actors are playing a crucial role in the industry’s fight against such threats. 

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James Satoshi
James Satoshi
James is a leader in Web3, NFTs, & DeFi with over 4 years of experience in the industry. You'll spot him covering all topics through-out Coinmash in our guides and analysis sections.