The notorious hacker behind an attack on Curve Finance, a well-known Decentralised Finance (DeFi) platform, has started the process of returning the stolen assets.
In the ongoing struggle to strengthen the security and robustness of the DeFi ecosystem, this unforeseen outcome represents an important breakthrough.
The vulnerability involved a weakness in the Curve Finance protocol that led to the hacker stealing around $24 million, which at first sent waves of chaos throughout the DeFi ecosystem.
Nevertheless, the person has decided to refund the stolen crypto rather than seeking to launder or benefit from them.
According to on-chain data from Etherscan, the hacker transmitted back about 4,821 ether ($8,891,578) over the course of three transactions to the developer wallet for Alchemix Finance.
One Alchemix Ethereum (alETH) transaction served as a test transaction to start the refund procedure and determine whether it was feasible to return the monies. A larger quantity of 1,000 alETH, valued at roughly $1.7 million, was later refunded to Alchemix Finance.
This substantial return was quickly followed by another transfer of 3,819 alETH, which at the time was equal to about $6.7 million.
The reasons for this surprising action are still unknown, sparking an upsurge of speculative activity among the cryptocurrency industry.
It is noteworthy that a sizable portion of the total cash stolen has been returned, suggesting that the hacker may be prepared to make amends for his sins.
The case is further complicated by the fact that the money was returned to Alchemix Finance rather than Curve Finance.
This option can indicate a certain amount of judgement on the hacker’s part or a tactical choice based on suspected weaknesses in the two protocols.
However, Alchemix Finance’s dependency on Curve pools is one of the fundamental elements of its functionality.
Alchemix’s operations are supported in large part by Curve Finance, which is recognised for its effective stablecoin trading and low slippage. As a result, users may be involved in swaps and conversions with little difficulty.
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