scorecardresearch

Binance recovers the majority of funds stolen from Curve Finance

On Monday, researchers returned an estimated $32.6 million worth of USDC, Tether (USDT) and other altcoins to Nomad.

As per Curve Finance team, the hack was detected on Tuesday which alerted the users to restrain from using the site.
As per Curve Finance team, the hack was detected on Tuesday which alerted the users to restrain from using the site.

Crypto exchange Binance has recovered a big part of the funds from the hack which targetted the decentralised finance (DeFi) protocol Curve Finance, as reported by Cointelegraph.

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 claimed 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.

As per Curve Finance team, the hack was detected on Tuesday which alerted the users to restrain from using the site. The team later announced that the issue was resolved. However, the hackers were still able to hijack around $537,000 USD coin (USDC) before the issue was resolved.

As per the industry experts from Elliptic, a blockchain anlytics, hacker compromised the domain name system (DNS) of Curve Finance which led to signing the malicious transactions.  The experts also told Cointelegraph that the funds were then sent to several exchanges and crypto mixers in an attempt to hide the trail. 

However, this is not the first time that the crypto community has regained the stolen funds. On Monday, researchers returned an estimated $32.6 million worth of USDC, Tether (USDT) and other altcoins to Nomad.

The Curve Finance exploit is one of the many attacks that happened in 2022.

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, the experts informed Cointelegraph. In the end, the money was sent to Binance, where its staff successfully intercepted it.

(With insights from Cointelegraph)

Also Read: PicPay collaborates with cryptocurrency exchange Paxos

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.