Binance, a well-known cryptocurrency exchange, has redeemed 83% of the funds stolen in the recent Curve Finance hack (a decentralized finance protocol). Changpeng Zhao (CEO of Binance) revealed in a Twitter post that up to $450,000 – nearly 80% – of the exploited assets have been frozen and recovered by the platform.
Binance managed to stop the hacker from transfering the assets!
Zhao claimed that the hacker made several attempts to transfer the relevant assets to the exchange, but Binance managed to stop him. The exchange is working to return the appropriate funds to their rightful owners. Curve Finance’s team discovered the hack on Tuesday and advised their customers not to use their website. The team declared they might be able to reach and solve the issue an hour after the warning.
Hacker escapes with $47 thousand
Shortly after the hijacking, the attacker transferred 135 ETH ($230,000) to cryptocurrency exchange FixedFloat, possibly hoping to launder the funds. However, the platform stated that it was able to freeze 112 ETH ($188,000) of the total amount received.
A crypto mixer was the attacker choice after failing to launder stolen assets with FixedFloat and Binance. According to on-chain data, the hijacker transferred 27.78 ETH ($47,000) to Tornado Cash, a popular cryptocurrency mixer recently sanctioned by the US.
Meanwhile, this is not the first time Binance has assisted in the recovery of stolen cryptocurrency assets. Typically, the exchange seizes stolen funds transferred to its platform. In one such case, the Binance security team recovered $350,000 in stolen funds from a DeFi exit scam.
Finally, Binance was the exchange to which the h ackers sent the funds, and the venue’s team obtained them.