Binance recovers 83% of Curve Finance’s stolen funds

Sahana Kiran
Curve Finance
Source –

The last couple of months have been wild for the crypto community. With several projects filing for bankruptcy, and developers taking flight with user funds, hacks, and exploits, the bear market couldn’t get any worse. Earlier this week, Curve Finance a prominent automated market maker was attacked. The platform took to Twitter and affirmed that its DNS was compromised. Several pointed out that a whopping $570K was stolen from the platform. Now, according to reports, Binance seems to have recovered a significant amount of those funds.

Changpeng Zhao aka CZ, the man behind the world’s largest crypto exchange Binance, took to Twitter and announced that they had managed to recover $450K of the stolen funds.

The Binance chief pointed out that the exchange had retrieved over 83 percent of the funds from the hack. Further taking a dig at the hacker, he tweeted,

“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.”

Additionally, Binance is working on returning the funds to the victims of the hack. However, a question continues to linger in the crypto market.

Is Curve Finance safe to use now?

As mentioned earlier, the platform’s DNS was hijacked. The hacker reportedly formulated a malicious contract on the home page. Following this, the victim went on to approve the contract further prompting the hack. Binance’s CZ further highlighted the fact that Curve Finance employed GoDaddy for DNS. Since its an insecure platform, Web3 projects were advised to steer away. He added, “No web3 projects should use that. Very susceptible to social engineering.”

Yesterday, the platform announced on Twitter that it was now safe to use. Curve Finance noted that the DNS settings had been propagated.