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Binance flies to the rescue of Curve Finance

A few weeks ago, the Curve Finance platform was hacked. The perpetrator of this attack had pocketed a large sum of money. Then he would have deposited a part with Binance. The CEO of the exchange has just published that his team has seized a significant part of the stolen funds and that an investigation is underway for their return.


Stolen but frozen funds

On Twitter, Binance CEO Changpeng Zhao wrote that his company has froze about $450,000 worth of digital assets as a result of the Curve Finance hack. According to him, the amount seized represents more than 80% of the funds that have been stolen. Now the exchange is focused on returning funds to their owners by working with law enforcement agencies. “We are working with law enforcement to return the funds to the users”, wrote CZ.

This is not the first time that an exchange has frozen funds as a result of a hack. Previously, Fixed Float had blocked 112 ETH, that is, $ 200,000 deposited by the hacker as a result of an attack launched against Curve (the same attack as the one for which a deposit was made with Binance). Its purpose was to launder funds, but he failed to achieve this goal.

Returning to the attack on Curve Finance, it must be said that the hacker implemented a well-refined strategy. He first spoofed the platform’s DNS, then redirected users to another malicious website. Unfortunately, users did not quickly realize this. When they interacted with the platform, the hacker took advantage of it to empty their wallets. It was as a result of this attack that funds were deposited with Fixed Float and Binance.

Binance has announced that its team has frozen a significant part of the funds stolen during the attack on Curve Finance by a hacker. After stealing funds belonging to the company’s clients, the hacker had stored them on Binance and with Fixed Float in the hope of money launderingt

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Behind the generic signature “Editorial CT” are young journalists and authors with special profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.

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