Good news for decentralised finance (DeFi): Changpeng Zhao, the CEO of Binance, announced that the exchange has successfully intercepted some of the funds stolen in the recent Curve hack. According to the protocol, with the help of Binance and FixedFloat, all of the funds will be returned to their owners.
Binance intercepts funds from Curve hack
In a tweet today, Friday 12 August, Changpeng Zhao, the CEO of Binance, said the exchange had managed to recover $450,000 from the recent hack of the decentralised finance (DeFi) protocol Curve Finance.
Binance froze/recovered $450k of the Curve stolen funds, representing 83%+ of the hack. We are working with LE to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it. SAFU https://t.co/Ekea9moeAw
– CZ Binance (@cz_binance) August 12, 2022
” Binance has frozen/recovered $450,000 from the funds stolen in the Curve hack, which is over 83% of the hack. We are working with law enforcement officials to return the funds to their owners. The hacker continued to send the funds to Binance in several different ways, thinking we wouldn’t notice. “
How the funds will be returned, and more importantly, how soon, is yet to be determined. Curve does not appear to have any further information on this, as the protocol directly asked under Changpeng Zhao’s tweet why the funds could not be returned right away.
Curve does however state that with this new announcement from Binance, all of the stolen funds can be returned to their users:
This is really great! Together with everything else, this makes recovery up to 100%.
That said, why cannot the funds be JUST returned to users while LE investigates who hacked etc?
– Curve Finance (@CurveFinance) August 12, 2022
In fact, the FixedFloat swap protocol had quickly intercepted 112 ETH following the hack of the frontend of Curve’s site, or more than $210,000 at the current price. In total, USD 570,000 (value at the time) was stolen in the hack.
Many commentators were quick to point out the efficiency of the platform, which has already proven on many occasions that it is willing to help other players in the cryptocurrency ecosystem, including the Ronin sidechain hack.