Was Curve Finance dealing with a semi-white hat ? Although arrogant, believing himself above the entire crypto community, the hacker still returned some of the stolen funds. 70% is the total recovery announced by Michael Egorov’s team. It is clearly seen that Curve takes the hair of the beast.
Only 30% to be found!
It is with irony that the hacker returned around 23 million dollars at Curve Finance last Sunday.
” I’ve had some ridiculous cases, so I want to make it clear that I’m reimbursing you not because you can find me, but because I don’t want to ruin your projectmaybe that’s a lot of money for a lot of people, but for me, i’m smarter than all of you he scoffed.
But, apparently, things have changed.
” Quick post-hack update.
While 70% of funds affected by last week’s hack have been recovereds, an active investigation is underway for the remainder.
In the meantime, we are also working to measure the respective shares of each affected user with the aim ofan appropriate distribution. »
According to The Block, 50 million of the 72 million dollars stolen on July 30 have been recovered. This represents approximately 70% of the jackpot.
The success of this recovery would come from:
- the goodwill of the main hacker;
- and white hat hackers using MEV bots like cOffeebabe.eth.
As a reminder, cOffeebabe.eth used an MEV bot to hack and return 2,879 ETH from the CRV-ETH pool from CurveFinance. A mission carried out in parallel with the reentry attack of July 30. The amount of this sum amounts to 5.3 million dollars if we refer to the price of ether at the time of writing this article.
According to Curve’s press release, the funds recovered will be redistributed to crypto investors harmed by this hack.
Curve Finance saved by friends of DeFi
The disappearance of more than 70 million dollars in the pools of Curve prompted Michael Egorov, boss of this decentralized exchange (DEX), to sell millions of CRVs at a mini price. Justin Sun, Wintermute, Llanero and many more accepted his offer in order to keep his position strong on Aave and FraxLend.
Last Thursday, Binance Labs, the venture capital and incubation arm of Binance, also reached out to Curve. This in order to get him out of the mud. And as a corollary of shaping the future of the DeFi sector “.
Thus, the company headed by CZ decided to inject the sum of $5 million in Curve DAO. And soon there will be a deployment of the protocol in the BNB Chain.
Recently, The Block relayed that the DAO Aave voted to buy CRV for $2 million. 57% of the members of this decentralized autonomous organization validated this proposal by Marc Zeller, founder of the Aave Chan Initiative.
Note that the purchase will be made with USDT from the treasury of the DAO Aave. Of the OTC transactions with Michael Egorov will take place in the next few days.
” These tokens can be mobilized for encourage liquidity GHO locking them in to gather Curve voting power and support a GHO-specific gauge “, can we read in the proposal.
It should also be noted that the on-chain data aggregated by Spotonchain on Dune Analytics advances approximately 157.5 million CRVs sold by Egorov. This represents approximately $47.4 million.
In any case, repetitive crypto hacks do not help the current DeFi situation. In the month of July alone, there was more than $300 million stolen from this ecosystem. And this without counting this very heavy toll linked to crypto scams
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