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.
Binance froze/recovered $450k of the Curve stolen funds, representing 83%+ of the hack. We are working with LE to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can't catch it. ?#SAFU https://t.co/Ekea9moeAw
— CZ ? Binance (@cz_binance) August 12, 2022
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.
We have a brief report from @iwantmyname about what has happened. In brief: DNS cache poisoning, not nameserver compromise.https://t.co/PI1zR96M1Z
— Curve Finance (@CurveFinance) August 10, 2022
No one on the web is 100% safe from these of attacks. What has happened STRONGLY suggests to start moving to ENS instead of DNS
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.