Binance recovers $450,000 stolen in Curve Finance hack this week

Binance has located and seized most of the assets stolen in this week’s Curve Finance hack.

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

Changpeng Zhao announced on Twitter today that binance had recovered about $450,000 stolen in this week’s hack on decentralized exchange Curve Finance. According to Zhao, the frozen proceeds represent about 83 percent of the total amount stolen in the incident.

“The hacker continued to send the funds to Binance in different ways, thinking that we can’t catch him” he said, adding that the exchange was already working with law enforcement to return the funds to users.

Our security department has frozen part of the funds in the amount of 112 ETH. In order for our security department to be able to sort out what happened as soon as possible, please email us: info@fixedfloat.com

– FixedFloat⚡️ (@FixedFloat) August 9, 2022

Previously, the Lightning Network-based crypto-currency exchange, Fixed Float, froze about 112 ETH, which are currently worth about $212,000. “Our security department has frozen a portion of funds in the amount of 112 ETH“, said Fixed Float. The two foreclosures, taken together, bring the recovery of assets to 100%, which means that all victims who lost money in the Curve attack can be fully compensated.

Curve was hacked for approximately $573,000 on August 9. The hacker spoofed Curve’s interface domain name service, redirecting users to a phishing site that prompted them to approve a malicious smart contract. After unsuspecting victims approved the transaction, the hacker was able to steal crypto assets directly from their wallets. After the incident, the hacker began sending batches of stolen ETH to multiple addresses in an attempt to disguise the origin of the funds before transferring the money to centralized exchanges to cash out.

However, the attacker apparently failed to hide the origin of his stolen ETH, as all of the funds were seized by Binance and Fixed Float.