Binance Freezes $450K Stolen From Curve.Finance (CRV)

CEO of Binance, Changpeng Zhao “CZ” has shared on Twitter that $450k has been recovered from the funds stolen by hackers on exchange liquidity pool Curve Finance a few days ago. The decentralized finance (DeFi) protocol had its front end compromised which left the platform vulnerable for a few hours.

Hackers tried to launder stolen funds through Binance

On Friday, CZ said that about 83% of funds stolen from Curve during an exploit earlier this week has been frozen. This comes three days after the attack where hackers managed to steal about $570,000 from the DeFi protocol.

The CEO of the leading crypto exchange Binance, also relayed that Binance will work with law enforcement to recover and distribute to users all the funds stolen during the hack. He tweeted,

Binance froze/recovered $450k of the Curve stolen funds. We are working with LE [law enforcement] to return the funds to the users.

The hackers reportedly sent the funds to Binance with different accounts and through different ways in an attempt to launder the stolen funds but they were fished out and the funds subsequently frozen.

Fixed Float recovers $200,000 from Curve’s stolen funds

Fixed Float, a cross chain exchange also announced on Wednesday that it froze 112 ether ($200,000) that was stolen in the exploit.

As of now, the hackers might have lost just about all of the funds stolen from Curve as they were immediately traced and frozen. The DEX is not fully decentralized which might be one of the reasons the hackers sought it out to launder the funds.

“Our security department has frozen part of the funds in the amount of 112 ETH,” Fixed Float said on Twitter.

Curve is however yet to speak on the recovery of the stolen funds.

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

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