Binance recovers the majority of funds stolen from Curve Finance


Crypto exchange Binance’s decentralized finance (DeFi) protocol has received a large chunk of its funding from a recent hack targeting Curve Finance.

Binance CEO Changpeng Zhao tweeted announced The exchange was suspended and they recovered $450,000 in stolen property, more than 80 percent of the stolen money. According to Zhao, the hacker tried to send the money to the exchange through various means but was found by Binance. The exchange is currently working to return the funds to their owners.

Curve Financial Group discovered the hack on Tuesday and urged its users to avoid using its website. An hour after the warning was issued, the team announced that it had found and resolved the problem. However, the attackers managed to steal $537,000 worth of USDC before the issue was resolved.

According to experts from blockchain analytics firm Elliptic, a hacker breached Curve Finance’s domain name system (DNS), which ended up signing malicious transactions. The experts told Cointelegraph that the money was sent to various exchanges and crypto mixers with the intention of hiding the trail. Finally, the money was sent to Binance and held by the team.

Related: Cross-chains at the intersection: Hackers need better protection methods

This week isn’t the first time good actors in the crypto community have worked to recover stolen funds. On Monday, Whitehat hackers and researchers returned an estimated $32.6 million worth of USDC, Tether (USDT) and other altcoins to Nomads following a recent $190 million exploit.

The Curve Financial exploit is just one of many attacks in 2022. According to analytics firm Chinalysis, an estimated $2 billion in funds were lost due to cross-chain bridge hacks. This is 69% of the total amount stolen for the year.