The world's largest crypto exchange is working with legal authorities to return funds stolen from the attack on Curve Finance.
Curve Finance Hacked
Curve Finance was hacked on Aug. 10, and the estimated damage was around $570,000 at the time, according to a wallet screenshot published on Twitter. Curve quickly identified the cause of the problem and fixed it.
Don't use https://t.co/vOeMYOTq0l site - nameserver is compromised. Investigation is ongoing: likely the NS itself has a problem
— Curve Finance (@CurveFinance) August 9, 2022
Hackers used a form of domain name attack, by placing a malicious contract on the curve.fi homepage that drained the funds of victims who connected their wallets to the homepage and approved the contract.
Curve Finance said curve.exchange is a different product that did not appear to be affected by the attack, as it uses a different domain name system (DNS) provider. In response to the hack, the platform advised users to use curve.exchange instead of curve.fi until things returned to normal.
The issue has been found and reverted. If you have approved any contracts on Curve in the past few hours, please revoke immediately. Please use https://t.co/6ZFhcToWoJ for now until the propagation for https://t.co/vOeMYOTq0l reverts to normal
— Curve Finance (@CurveFinance) August 9, 2022
Anonymous on-chain investigator ZachXBT reports that hackers attempted to smear funds via FixedFloat, an automated crypto exchange on the Bitcoin Lightning Network. But this exchange immediately froze $200,000 of stolen money.
Binance's Timely Support
The hacker quickly transferred the stolen money to Binance shortly after. However, Binance CEO Changpeng Zhao said the exchange froze the $450,000 immediately. After locking the funds, the exchange is now working with law enforcement to return the funds to the affected users.
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
From the above incident, it can be seen that the CEO of Binance is interested in promptly supporting projects that experience problems and bringing the most favorable results to users.
For example, the Ronin hack caused a loss of $622 million in March 2022. Through an open partnership process, Binance helped Axie freeze funds that were stolen in that hack, then participated in Sky Mavis' $150 million funding round to assist with compensation costs. Binance only reduced its investment in Sky Mavis after Axie Infinity reopened the Ronin bridge after a 3-month hiatus, compensating users as promised on June 28.
There was also the issuance of a “false alarm” related to Uniswap in July. As it turned out, the attack was a phishing incident, not a hack of the Decentralized Exchange (DEX) protocol. The situation ended on a positive note, however, as shown by conversations between UniSwap developers and Zhao that were made public.
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Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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