We recently wrote about the Curve Finance hackand stole $40 million worth of crypto. Hackers found a vulnerability in the Curve Finance program’s code. This resulted in a number of companies working with the program suffering significant losses. Now the hacker behind the robbery has decided to return the money from one of the robbed companies.
Hacker returns millions of dollars in cryptocurrency to rightful owner
Curve Finance is a company primarily focused on cryptocurrency exchanges stablecoins. It offers a special algorithm that offers low transaction costs and minimal price differences.
One of the companies using the algorithm is JPEG’d. The company lost $11.6 million crypto when Curve Finance was hacked in late July. However, JPEG’d has since recovered most of these lost tokens. The company received 5,494 Wrapped Ethereum (WETH) totaling more than $10 million from the hacker.
The JPEG DAO acknowledges receipt of 5494.4 WETH back to the JPEG multisig for a total of 5495.4 WETH. The owner of the address that recovered funds from the pETH exploit was awarded a 10% white hat bounty of 610.6 WETH.https://t.co/nIBwHHxfQU
— JPEG’d (@JPEGd_69) August 4, 2023
As a thank you for returning (a large portion of) the stolen loot, it rewarded the hacker with 610.6 WETH, the equivalent of $1.1 million. This might sound a bit crazy, but there’s a reason for it. It is not 100% sure if the person who sent back the WETH is the hacker. It could be that someone tricked the hacker into giving it to its rightful owner.
Stolen platforms offer legal millions in exchange for a return
As a result of the refund, JPEG had decided to drop all legal action against the hacker.
“All further investigations and legal action against the company will be discontinued. We consider this incident a white hat rescue.”
This is very positive for the hacker as he or she now legally owns $1.1 million worth of crypto.
JPEG’d isn’t the only one recovering the stolen loot. The Alchemix credit platform also got the stolen loot back. The company also joined the campaign to give 10% of the loot to the hacker and stop legal action if the hacker returns the loot. Within 24 hours, $8.8 million worth of stolen loot was returned. Curve Finance itself received one etherworth $1,830.
