Last week, another cryptocurrency platform was hacked and again it concerned a decentralized finance (DeFi) protocol. This time it was about Curve Finance (CRV) on the Ethereum (ETH) network.
What happened to Curve hack?
The hackers knew domain name system (DNS) to customize the platform, also called DNS spoofing called. This allowed the hackers to change the IP address and load a clone of the website. That caused unwitting users to deposit their crypto into the wrong smart contract, namely that of the hackers.
According to Curve, the problem has now been resolved and the protocol has been switched to another name server or domain name service. Despite this, the hackers had already stolen an estimated $570,000 (€554,000) worth of crypto.
Binance recovers/freezes stolen crypto
Changpeng “CZ” Zhao, CEO of Binance, the largest cryptocurrency exchange in the world, reported on August 12 that his team recovered and frozen a large portion of the stolen crypto.
According to CZ, this concerns more than 83% of the stolen amount. He adds that Binance is now working with the police to return the stolen funds to the original users:
Binance froze/recovered $450,000 of Curve’s stolen funds, representing 83+% of the hack. We are working with the police to return the money to the users. The hacker kept sending the money to Binance in various ways, thinking we couldn’t catch it.”
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
A few days ago Fixed Float already reported that it had already frozen 112 ETH, worth about $200,000. However, that would bring the total amount stolen above the aforementioned $570,000.
Lately, we’ve been seeing a lot of stories about hacks in this sector again, especially regarding so-called cross chain bridges. More than $2 billion would have been stolen from these platforms by 2022.
Recently, Binance warned that users must re-authenticate before October 7 or they will lose access. New users can sign up here Binance account create.
