Cryptocurrency News

Binance Recovers 83% from Stolen Curve Funds

2022.08.16 02:42

Binance Recovers 83% from Stolen Curve Funds
Binance Recovers 83% from Stolen Curve Funds

Recently, Curve, the decentralized exchange that allows users to trade currencies on its website, was hacked as the company suffered losses of $570,000. However, Binance CEO Changpeng Zhao announced that Binance was able to recover 83% or $450,000 from the hackers.

Zhao tweeted that “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.”

Monitoring the situation from the get-go, Zhao’s first tweet regarding the hack was, “Curve. finance had their DNS hijacked in the past hour. Hacker put a malicious contract on the home page. When the victim approved the contract, it would drain the wallet. Damage is around $570k so far. We are monitoring.”

Shedding light on what could be the possible reason behind Curve’s hack, Zhao said, “They use GoDaddy (NYSE:GDDY) for DNS, which is insecure. No web3 projects should use that. Very susceptible to social engineering.”

However, Zhao expressed disappointment in “no traditional media covering the news” of Binance’s effort and success in recovering a major chunk of the stolen funds from Curve.

Monitoring a Similar Compromise with Acala Network

Acala Network, a decentralized finance network powering the aUSD ecosystem, has also announced being compromised. The company tweeted, “We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.”

Zhao addressed Acala’s situation and tweeted, “Acala protocol is currently under compromised. Apparently there was a bug in the iBTC/AUSD pool and attacker wallet now holds over a billion $AUSD. We are monitoring. (AUSD is not listed on Binance).”

On the Flipside

  • 17% of the stolen funds via the Curve hack remain untraceable

Why You Should Care

The security provided by many decentralized finance networks has now come under a microscope as users increasingly lose trust.

Similar Articles on DailyCoin:

  • Crypto Flipsider News – Curve Finance Hack; Coinbase (NASDAQ:COIN) $1B Loss; Stablecoins Support Merge; Nuri Insolvency Filing; U.S. CHIPS Bill

Continue reading on DailyCoin

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 105,248.20 1.25%
ethereum
Ethereum (ETH) $ 3,889.47 2.48%
xrp
XRP (XRP) $ 2.57 3.46%
tether
Tether (USDT) $ 1.00 0.11%
bnb
BNB (BNB) $ 720.22 0.37%
solana
Solana (SOL) $ 218.22 1.41%
dogecoin
Dogecoin (DOGE) $ 0.38956 3.37%
usd-coin
USDC (USDC) $ 1.00 0.10%
staked-ether
Lido Staked Ether (STETH) $ 3,882.68 2.57%
cardano
Cardano (ADA) $ 1.05 4.20%
tron
TRON (TRX) $ 0.274877 6.23%
avalanche-2
Avalanche (AVAX) $ 47.21 5.71%
chainlink
Chainlink (LINK) $ 27.83 1.54%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,612.99 2.56%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 4.23%
the-open-network
Toncoin (TON) $ 5.77 5.47%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 104,877.10 1.42%
sui
Sui (SUI) $ 4.57 3.65%
stellar
Stellar (XLM) $ 0.438627 4.41%
polkadot
Polkadot (DOT) $ 8.35 5.68%
hedera-hashgraph
Hedera (HBAR) $ 0.303432 4.84%
weth
WETH (WETH) $ 3,887.76 2.55%
bitcoin-cash
Bitcoin Cash (BCH) $ 526.97 2.26%
uniswap
Uniswap (UNI) $ 16.39 1.06%
pepe
Pepe (PEPE) $ 0.000022 6.67%
litecoin
Litecoin (LTC) $ 119.46 0.72%
hyperliquid
Hyperliquid (HYPE) $ 26.96 1.46%
leo-token
LEO Token (LEO) $ 9.58 0.51%
near
NEAR Protocol (NEAR) $ 6.29 7.31%
wrapped-eeth
Wrapped eETH (WEETH) $ 4,099.56 2.73%
aptos
Aptos (APT) $ 12.95 6.58%
bitget-token
Bitget Token (BGB) $ 4.41 14.07%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.14%
internet-computer
Internet Computer (ICP) $ 12.09 4.61%
aave
Aave (AAVE) $ 377.78 2.03%
usds
USDS (USDS) $ 0.999924 0.02%
crypto-com-chain
Cronos (CRO) $ 0.187945 3.02%
ethereum-classic
Ethereum Classic (ETC) $ 32.06 4.77%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.562719 5.13%
vechain
VeChain (VET) $ 0.054689 4.06%
render-token
Render (RENDER) $ 8.47 5.40%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.60 5.00%
monero
Monero (XMR) $ 219.65 0.17%
mantle
Mantle (MNT) $ 1.20 2.81%
arbitrum
Arbitrum (ARB) $ 0.943228 5.40%
bittensor
Bittensor (TAO) $ 529.39 1.13%
mantra-dao
MANTRA (OM) $ 4.11 4.99%
filecoin
Filecoin (FIL) $ 6.18 5.88%
fantom
Fantom (FTM) $ 1.30 6.29%
whitebit
WhiteBIT Coin (WBT) $ 25.06 0.45%