Binance founder Changpeng Zhao said on Friday that he had recovered most of the money Curve stole. Earlier this week, Curve. Finance fell victim to a cyberattack with its Domain Name System (DNS) hijacking. The Cayman Islands-based cryptocurrency exchange had stepped in by monitoring the state of the curve. Via its Twitter account, CZ said that Binance recovered $470,000 from Curve’s stolen funds, representing more than 83% of the hack.
CZ said,Binance Curve $450k / freeze / recovered of stolen funds, representing 83%+ of the hack.”
“We are working with LE to return the funds to the users. The hackers kept sending funds to Binance in different ways thinking we couldn’t get hold of it,” CZ added with a laughing emoji.
The hacker defrauded Curve investors by creating a DNS entry for the protocol and issuing a malicious contract on the home page. When the victim approved the contract, their wallets ran out.
On August 10, CZ announced that Curve had lost approximately $570,000 so far due to the hack.
The founder of Binance also said that these hackers use GoDaddy for DNS, which is insecure. He added, “No web3 projects should be used. Susceptible to social engineering.”
Earlier, Curve announced that they had identified the issue and withdrawn it. The exchange urged investors to immediately cancel any contracts on Curve if they have been approved on August 10. It also instructed investors to use Curve.exchange until the hype of Curve.Fi becomes normal.
Curve is an exchange liquidity pool on Ethereum (such as Uniswap) designed for extremely efficient stablecoin trading, low risk, supplementary fee income for liquidity providers, and no opportunity cost.
Curve allows users (and smart contracts like 1inch, Paraswap, Totle and Dex.ag) to trade between DAI and USDC, with low slippage, low-fee algorithms designed specifically for stablecoins and earns a fee. Behind the scenes, the liquidity pool is also supplied to Compound Protocol or Year.Finance where it generates even more income for the liquidity providers.
Binance is the largest cryptocurrency exchange in the world in terms of daily trading volume. It is also the world’s leading blockchain ecosystem, with a product suite that includes the largest digital asset exchange. BNB Chain is a community-driven blockchain software system with developers and contributors from all over the world. According to the website, Binance’s official wallet, Trust Wallet, is a decentralized wallet where users can send, receive and store their digital assets.
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