Last Updated on August 12, 2022 by Bitfinsider
Following a front-end attack on Curve Finance, a decentralized cryptocurrency exchange, on Tuesday, Binance has recovered and frozen cryptocurrency assets worth over $450,000.
In a tweet, Binance CEO Changpeng Zhao stated that the exchange is currently coordinating with law enforcement officials to return the monies that have been confiscated to the victims.
The report was released two days after the cryptocurrency exchange Fixed Float discovered another $212,000 worth of ETH.
83% of the total value of the crypto assets stolen in the attack on Curve Finance was represented by the assets confiscated by Binance.
Attack on Curve Finance
A malicious smart contract was approved by customers of Curve Finance on August 9 after the attacker(s) spoofing the Domain Name Service on its frontend tricked them into visiting a phishing website. This attack netted the attacker(s) roughly $573,000 worth of cryptocurrency assets.
The attacker(s) subsequently attempted to obscure the stolen cash by converting the stolen assets to ether (ETH), which they then began distributing to several addresses.
Fortunately for the victims, the attacker(s) did not completely disguise their traces since as of right now, all of the stolen money has been recovered.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.
