08-13-2022 icon

Binance Retrieves Over $450K Embezzled From Curve Finance

By Lucy Adegbe
Binance debit card

The globally recognized trading platform is reportedly making efforts together with a legal compliance agency to return all recovered funds.

Binance chief executive officer Changpeng Zhao “CZ” published in the earlier hours of Friday that the trading protocol has placed a restriction and retrieved over $450,000 of the total funds embezzled from Curve Finance in the earlier days of this week. 

A Tuesday broadcast cited that hackers had made away with $570,000 from the decentralized finance ecosystem Curve Finance. Subsequent telegram updates from the platform’s operator revealed the hitches that made the hack possible were found and fixed. 

Curve Finance explained, “we are becoming aware of a potential front-end issue that is approving a bad contract. For now, please do not perform any approvals or swaps. We are trying to locate the issue, but for now, for your safety, do not use curve.fi or curve.exchange.”

The cybercriminals were suspected to have edited the hostname recorded for the platform, afterward redirecting customers to an imitated duplicate and validating malicious smart contracts. Curve Finance’s self-executing contract was not at all jeopardized. 

According to Binance exchange, the retrieved amount represents “83%+” of the total amount of money stolen from Curve Finance. Tweets from the official company page highlighted that the protocol is actively operating with law enforcement to efficiently divert these recovered funds to the owners. 

“The hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it.”