Binance Salvages $450K Hacked From Curve Finance

The world's largest crypto exchange is working with legal authorities to return funds stolen from the attack on Curve Finance.

Curve Finance Hacked

Curve Finance was hacked on Aug. 10, and the estimated damage was around $570,000 at the time, according to a wallet screenshot published on Twitter. Curve quickly identified the cause of the problem and fixed it.

Hackers used a form of domain name attack, by placing a malicious contract on the homepage that drained the funds of victims who connected their wallets to the homepage and approved the contract.

Curve Finance said is a different product that did not appear to be affected by the attack, as it uses a different domain name system (DNS) provider. In response to the hack, the platform advised users to use instead of until things returned to normal.

Anonymous on-chain investigator ZachXBT reports that hackers attempted to smear funds via FixedFloat, an automated crypto exchange on the Bitcoin Lightning Network. But this exchange immediately froze $200,000 of stolen money.

Binance's Timely Support

The hacker quickly transferred the stolen money to Binance shortly after. However, Binance CEO Changpeng Zhao said the exchange froze the $450,000 immediately. After locking the funds, the exchange is now working with law enforcement to return the funds to the affected users.

From the above incident, it can be seen that the CEO of Binance is interested in promptly supporting projects that experience problems and bringing the most favorable results to users.

For example, the Ronin hack caused a loss of $622 million in March 2022. Through an open partnership process, Binance helped Axie freeze funds that were stolen in that hack, then participated in Sky Mavis' $150 million funding round to assist with compensation costs. Binance only reduced its investment in Sky Mavis after Axie Infinity reopened the Ronin bridge after a 3-month hiatus, compensating users as promised on June 28.

There was also the issuance of a “false alarm” related to Uniswap in July. As it turned out, the attack was a phishing incident, not a hack of the Decentralized Exchange (DEX) protocol. The situation ended on a positive note, however, as shown by conversations between UniSwap developers and Zhao that were made public.

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