Binance recovers $450K from the Curve stolen funds! “We are working with LE to return the funds to the users.” CZ stated on Twitter.
Recovery Of Stolen Funds
Earlier today, crypto exchange Binance’s CEO, CZ, announced that the platform has helped to freeze and recover crypto assets that were stolen from decentralized exchange Curve Finance earlier this week.
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. 😂#SAFU https://t.co/Ekea9moeAw
— CZ 🔶 Binance (@cz_binance) August 12, 2022
CZ explains in his tweet that Binance was able to recover up to $450,000 — around 83% of the stolen funds from the hack. He also humored at the fact that the hackers had been repeatedly sending these stolen funds to Binance thinking the platform wouldn’t catch their illegal acts.
Binance is currently working to get all of the frozen and recovered funds back to their original owners soon.
The Curve Hack
The Curve Finance hack took place on August 10th, where it was revealed that over $570,000 were stolen from the wallets of users. The hacker reportedly was able to do this by compromising the domain name of their website, which would then direct users who visited the site to a malicious contract that drained users’ wallets.
They use GoDaddy for DNS, which is insecure. No web3 projects should use that. Very susceptible to social engineering.
— CZ 🔶 Binance (@cz_binance) August 9, 2022
At the time, CZ had also reported on this hack, warning that the reason this had happened was because Curve used GoDaddy for their DNS, which is “insecure” and not ideal. He also added that no Web3 projects should use GoDaddy because of how easily it is to compromise.
Thankfully, Curve was able to spot the breach and put a stop to the hacking on the same day it happened as well as warn users who have approved any contracts on Curve in the last few hours to revoke them. This quick act helped to reduce the amount of assets that were stolen that day, and now with CZ and Binance’s help, most users will be receiving their assets back.
The issue has been found and reverted. If you have approved any contracts on Curve in the past few hours, please revoke immediately. Please use https://t.co/6ZFhcToWoJ for now until the propagation for https://t.co/vOeMYOTq0l reverts to normal
— Curve Finance (@CurveFinance) August 9, 2022