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HomeETHBinance retrieves over 83% of stolen fund in Curve Finance breach

Binance retrieves over 83% of stolen fund in Curve Finance breach

Attacks on cryptocurrency exchanges have become very common, and leading crypto exchange Curve Finance recently became a target of hackers. Last week, hackers successfully stole $573,000 in USDC and DAI from eight different victims’ worth of cryptocurrency from an exchange.

Changpeng Zhao, founder and CEO of the exchange, made the announcement today on Twitter that the company has recovered around $450,000 worth of cryptocurrencies that had been taken during the frontend hack on the decentralised exchange Curve Finance. According to Zhao, the funds that have been frozen amount to about 83% of the entire amount that was taken during the incident.

“The hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it,” he said, adding that the exchange was already working with law enforcement to return the funds to users.

The hacker was able to take crypto assets straight from the victims’ wallets. They were unaware of the scam and accepted the transaction. After the incident, the attacker started sending batches of the stolen ETH to numerous addresses in an effort to conceal the origin of the funds before moving the money to centralised exchanges so that it could be cashed out.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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