According to reports, Binance, a famous cryptocurrency exchange, has recovered a large chunk of the assets stolen in the latest Curve Finance breach. About $450,000 have been frozen and reclaimed by the firm.
Changpeng Zhao, the CEO of Binance, confirmed the news on his Twitter account. This means that approximately 80% of the plundered funds have been recovered.
Binance Froze 80% Of Funds Connected To Curve Exploit
Meanwhile, Zhao stated that the attacker first deposited the funds on Binance. However, the anonymous hacker made several attempts to transfer the funds away from the exchange but was stopped by Binance.
Also, the crypto exchange is currently working with law agencies to restore the appropriate funds to their rightful owners. Moreover, the Curve Finance team discovered the intrusion on Tuesday and advised its customers not to use their website.
The hacker had exploited the platform’s DNS server and transferred users to another website. The team added that they might be able to access and address the issue one hour after the warning.
Unfortunately, the hacker was still able to steal USDC worth roughly $537,000 before the problem was resolved. According to Elliptic, an analytics firm, the hacker exploited Curve’s domain name system.
This intrusion led to the authorization of bogus transfers. According to the specialists, the exploiters subsequently moved the assets to other cryptocurrency exchanges and mixers in an attempt to cover their tracks.
Hackers Target Crypto Platforms
Finally, Binance’s security team was able to recover the assets after the hacker sent them to the platform. This is not the first occasion in the last week that ethical hackers working in the cryptocurrency market have attempted to return stolen money to its rightful owners.
After the most recent heist, which netted $190 million, investigators and whitehat hackers sent a blockchain provider Nomad an estimated $32.6 million in Tether, USDC, and other cryptocurrencies on Monday.
The Curve Finance fraud is one of several assaults that happened this year. According to Chainalysis, a cryptocurrency analytics firm, crypto firms lost over $2 billion worth of assets due to cross-chain bridge vulnerabilities in 2022.
This shows that various hackers have been targeting DeFi and crypto platforms. Hence, there is a need to tighten security measures and protocols to avoid future attacks.
Zhao also advised crypto platforms to always be on alert on their platform. He stated that Curve Finance used a DNS server, GoDaddy, which is prone to social engineering. He advised crypto projects to avoid the platform.