Binance identifies the criminal, recovering around $450 million of Curve.fi’s funds

Binance acts fast to recover over $450 Million stolen funds

• Finance recently reported a cyber hack which drained around $570 Million from the exchange
• The hacker was using Binance to send the stolen money and fortunately Binance found the mal practice        happening
• Cryptocurrency hacks increasing, worrying the industry
• Regulatory provisions to be stricter for the market to stand a chance against these criminals

Curve.Finance reports an attack where $570 Million was stolen by a hacker.

According to recent reports, it is noted that Curve.Finance a defi platform was hacked and the hacker went on to steal $570 million from the exchange. This attack was certain to cause panic among the users as the stolen amount was more than half a million. Fortunately, soon after the hack happened, the exchange zeroed down on the issue and started fixing the problem.

Basically, the suspected hacker, went on to change the domain name system entry for the protocol, and forwarded the users of the platform to a fake clone and made them approve a malicious contract. As the exchange found this out, they started their process in resolving the issue. The exchange went on to make the official statement saying that, the users are advised to refrain from using Cruve.fi or curve.exchange until the issue is resolved.

Binance’s entry into the scene

Binance, which is also the largest crypto exchange in the world, was also involved in the incident, as the hacker started sending the stolen funds to the exchange in different ways, thinking he wouldn’t be caught. But, fortunately, Binance recognized the mal practice and froze the accounts saving around $450 million of the funds, which constituted around 83% of the total stolen funds.

Let’s look at the tweet put by CZ

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

 The incidents of cryptocurrency hacks.

It is but unfortunate to see the rising incidents of cryptocurrency hack in the market. Yes, cryptocurrency has come a long way in the financial sector providing opportunities to the investors. But as the application of crypto is increasing in the world, hackers have shifted their minds towards the industry and are surely making a big impact.

Strict Regulation required

One of the most suitable and successful way of curbing the incidents of crypto crimes is to make the regulatory body stricter and more stringent with the mal practices happening in the industry. Not only that, the exchanges, platforms should also invest their time in deploying the technology which would allow them to hold the funds safely and in a secured environment helping the investors to invest in the market without any doubts.

________________________________________________________________________________________________________________

If you find this article informative then please share it with your friends and family.