Binance recovers majority of funds stolen from Curve Finance

Binance has recovered and frozen approximately $450,000 in stolen assets, or approximately 80% of stolen funds.

Crypto exchange Binance has recovered much of the funds from the recent hack that targeted decentralized finance (DeFi) protocol Curve Finance.

In a tweet, Binance CEO Changpeng Zhao announced that the exchange froze and recovered $450,000 of the stolen assets, more than 80% of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in different ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners.

The Curve Finance team detected the hack on Tuesday and warned their users to refrain from using their website. An hour after the warning, the team announced that they were able to find and fix the problem. However, the attackers still managed to hijack approximately $537,000 worth of USD (USDC) coins before the issue was resolved.

According to experts from blockchain analytics firm Elliptic, a hacker compromised Curve Finance's domain name system (DNS), which resulted in malicious transactions being signed. Experts told Cointelegraph that the funds were then sent to various crypto exchanges and mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were recovered by its team.

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