CEO of Binance, Changpeng Zhao popularly called CZ announced on Twitter that the exchange has recovered 83% of the funds stolen from the Curve.Finance platform. This amounts to about $450,000. Filled with humor, he confirmed that the hackers sent the funds in different ways but Binance was able to grab it all.
Furthermore, the exchange is still working with law enforcement agents to recover and return the retrieved funds. Binance is not the only crypto exchange and is not the first firm to recover funds hijacked from the Curve.Finance breach. An instant automatic cryptocurrency exchange, FixedFloat tweeted to announce that it had frozen 112 Ethereum (ETH) priced at $191,088 of the stolen funds.
On Tuesday, decentralized finance (DeFi) liquidity protocol firm, Curve. Finance experienced a network breach by hackers. These fraudulent actors made away with $570,000 worth of crypto mostly ETH. Almost immediately after the hack, the DeFi protocol firm informed users that the source had been identified and fixed.
Notably, the hackers were able to create a clone of the protocol’s website. Then targeted its domain name system (DNS) in the direction of its IP address which is the host of the hacker’s cloned site. The actors initiated a request for approval which got authorized by the unsuspecting users. This careless act drained their wallet of all its crypto.
Binance and Stolen Funds Retrieval
This is not the first time the world’s largest crypto exchange is coming to the aid of distraught firms. DeFi gaming platform, Axie Infinity suffered a breach on its network earlier in March. The hack led to a huge loss of $625 million in crypto. Identically, the hackers falsified secret codes and attached the validators on the Ronin bridge to initiate the withdrawals.
Also, the hackers exploited a back door loop created by a previous transaction between Axie Infinity and Sky Mavis. Eventually, the hackers were discovered to be members of a North Korean hacker group known as ‘The Lazarus Group’.
With assistance from Binance, $5.8 million in over 86 wallets were recovered from the hack.