Binance flies to the aid of Curve Finance

A few weeks ago, the Curve Finance platform was hacked. The perpetrator of this attack had pocketed a large sum of money. Then he reportedly deposited a portion with Binance. The CEO of the exchange has just published that his team has seized a significant part of the stolen funds and that an investigation is underway for their restitution.

Funds stolen but frozen

On Twitter, Binance CEO Changpeng Zhao wrote that his company has frozen approximately $450,000 worth of digital assets following the Curve Finance hack. According to him, the amount seized represents more than 80% of funds which have been stolen. Now, the exchange is focused on returning funds to their owners by working with law enforcement. “We are working with law enforcement to return funds to users,” wrote CZ.

This is not the first time that an exchange has frozen funds following a hack. Previously, Fixed Float had blocked 112 ETH, or $200,000 deposited by the hacker following an attack launched against Curve (the same attack for which a deposit was made with Binance). His goal was to launder fundsbut he failed to achieve this goal.

Coming back to the attack on Curve Finance, it must be said that the hacker has implemented a well-honed strategy. He first spoofed the platform’s DNS, then redirected users to another malicious website. Unfortunately, users did not quickly realize this. When they interacted with the platform, the hacker took the opportunity to empty their wallets. It was as a result of this attack that funds were deposited with Fixed Float and Binance.

Binance has announced that its team has frozen a significant portion of the funds stolen during the hacker attack on Curve Finance. After stealing funds belonging to the company’s customers, the hacker stored them on Binance and Fixed Float in hopes of laundering

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