Binance recovers 83% of funds stolen in DNS attack targeting Curve Finance users
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Answer Binance recovers 83% of funds stolen in DNS attack targeting Curve Finance users
Cryptocurrency exchange Binance has helped retrieve nearly $450,000 worth of cryptocurrency stolen from Curve Finance users.
Funds represent about 83% of the total amount stolen from users.
Changpeng Zhao, CEO of Binance, shared the new update on Twitter today, noting that the Curve Finance hacker sent cryptocurrencies to Binance using various techniques to bypass the platform’s security.
However, the company identified the transactions and froze the assets.
Binance returns stolen funds to Curve Finance users:
According to CZ, Binance will return the $450,000 recovered to the victims.
Binance is currently working with legal entities to make this happen.
Earlier this week, decentralized finance protocol Curve Finance suffered a cyber attack, as the hacker drained more than half a million dollars worth of Ethereum (ETH).
The data indicates that the attacker seized about 363 ETH (about $617,000 at the time).
According to reports, the attacker targeted the DNS of decentralized finance protocol Curve Finance, redirecting users to a cloned site.
If users link their wallets to the cloned site, the cryptocurrency is instantly stolen.
Soon after the hack, the attacker transferred 135 Ethereum ($230,000) to crypto exchange FixedFloat, possibly in the hope of money laundering.
However, the exchange said it was able to freeze 112 ETH ($188,000) of the total amount it received.
After failing to launder the stolen coins using FixedFloat and Binance, the attacker opted for a cryptocurrency transaction mixer.Read:Aramco Invests in a Saudi Blockchain Company to Eliminate Job Application Fraud
According to the data on the network, the hacker transferred 27.78 ETH ($47,000) to Tornado Cash.
In conclusion, this is not the first time that Binance has helped recover stolen cryptocurrencies.
The stolen funds transferred to its platform are usually confiscated by Binance immediately after marking the suspicious wallets and distinguishing them from others.
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