The cryptocurrency exchange Binance has recovered a large portion of the funds from the recent hack that targeted decentralized finance (DeFi) protocol Curve Finance.
In a tweet, Binance CEO Changpeng Zhao ad that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80% of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways, but was detected by Binance. The exchange is currently working to return the funds to their rightful owners.
The Curve Finance team detected the hack on Tuesday and warned its users to refrain from using their website.. An hour after the warning, the team announced that it was able to find and resolve the issue. Nevertheless, the attackers were able to steal around $537,000 worth of USD Coin (USDC) before the issue was resolved.
According to experts at blockchain analytics firm Elliptic, a hacker compromised Curve Finance’s domain name system (DNS), resulting in malicious transactions being signed. Experts told Cointelegraph that the funds were sent to various cryptocurrency exchanges and mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by his team.
This is not the first time this week that good actors in the cryptocurrency community have worked to return stolen funds. On Monday, white hat hackers and researchers returned an estimated $32.6 million worth of USDC, Tether (USDT), and other altcoins to Nomad following its recent $190 million exploit.
The Curve Finance exploit is just one of many attacks to occur in 2022. According to analytics firm Chainalysis, $2 billion has been lost due to cross-chain bridge hacks. This represents 69% of the total amount stolen in the year.
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