Binance crypto exchange has recovered a major part of the funds from the recent hack that mostly targeted the decentralized finance (DeFi) protocol Curve Finance. Binance recovered and froze nearly $450,000 worth of the stolen assets, which represents nearly 80% of the stolen funds.
While confirming the incident, Binance CEO Changpeng Zhao announced in a tweet that the exchange has frozen and recovered $450,000 of stolen assets, which is over 80% of the stolen funds. Based on Zhao, the hacker tried to send the funds to the exchange in different ways but was detected by Binance.
Now, the exchange is working to return the funds to their rightful owners. The Curve Finance team noted the hack on August 9 and alerted their users to avoid using their website. An hour after the warning, the team said that it had managed to find and resolve the issue. Nonetheless, the attackers managed to hijack about $537,000 worth of USD Coin (USDC) before the issue was resolved.
Based on experts from the blockchain analytics company Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with some malicious transactions getting signed. The experts said that the funds were then sent to different exchanges and crypto mixers trying to hide the trail. Eventually, the money was sent to Binance and was caught by its team.
It is not the first time this week that the good actors in the crypto community have worked to return stolen funds. On June 8, white hat hackers and researchers returned an estimated $32.6 million worth of Tether, USDC, and other altcoins to Nomad, after the recent $190 million exploit.
The Curve Finance exploit is only one of the many attacks that happened in 2022. Based on analytics company Chainalysis, $2 billion worth of funds were drained due to the cross-chain bridge hacks. That is 69% of the total stolen amount in the year.