Curve Finance Recoups 73% of Stolen Funds in Reentrancy Exploit
• Curve Finance recently recouped 73% of stolen funds in the recent exploit, with $18 million still unaccounted for.
• White hat hackers and voluntary returns were instrumental in recovery efforts.
• The protocol has given the hacker a grace period to return 90% of the stolen funds, with more than $18 million still unaccounted for.
Exploit Causes Loss of Funds
Curve Finance recently suffered an exploit that saw over $70 million in digital assets stolen from the protocol. Despite this major setback, the decentralized exchange was able to recover 73% of these funds from various parties, including white hat hackers and voluntary returns. However, there is still $18 million that remains unaccounted for.
Role of White Hat Hackers
White hat hackers played an instrumental role in helping Curve Finance recover some of its stolen funds. An ethical hacker going by the pseudonym “c0ffeebabe.eth” managed to retrieve $7 million, while Alchemix’s Operation White Hat recovered a further $13 million. Jpegd frontrunner also relinquished $11.5 million equating to 90% of what was originally stolen or 5,495 WETH.
Grace Period Given to Hacker
Following this effort, Curve initially gave the hacker until August 6th to return 90% of the stolen funds; however, when this deadline elapsed there was more than $18 million remaining unaccounted for. The protocol maintains that if the hacker returns all remaining funds then no other action will be pursued against them.
Recommendations For Crypto Users
Crypto users should ensure they are protecting themselves from hacks and scams by using resources provided online such as As Another Token Bridge Gets Hacked: How Can Crypto Users Protect Themselves? This article provides useful information on how users can keep their crypto holdings safe from cyberattacks and frauds.
97 Crypto Funds Collapsed This Year
Despite Bitcoin’s rebound this year, many crypto funds have struggled significantly as startling data shows that 97 crypto funds have collapsed during 2021 alone. With security being paramount in cryptocurrency markets it is important for users to stay up-to-date on news and resources so they can safeguard their investments wherever possible