BTC

$95963.55

-1.43%

ETH

$3313.164

-1.25%

XRP

$2.251

0.82%

BNB

$656.403

-0.40%

News

Curve Finance Reclaims $52.3 Million Stolen In The Recent Exploit

August 7, 2023 - Around 2 mins mins to read

Key Points:

  • 73% of stolen Ethereum funds were reclaimed from Curve Finance exploit.
  • AlchemixFi, Jpegd Frontrunner, c0ffeebabe.eth contribute to recovery efforts.
  • Curve Finance offers a $1.85M bounty, emphasizing enhanced safeguards.
In a significant turn of events, the cryptocurrency community witnessed the recovery of approximately $52.3 million, or 73%, of the stolen funds resulting from the Curve Finance exploit on Ethereum. This exploit initially led to the loss of around $73.5 million in cryptocurrencies.
Curve Finance Reclaims $52.3 Million Stolen In The Recent Exploit

The exploit, executed by the initial exploiter of the Curve CRV-ETH vulnerability, managed to siphon off a massive amount from Ethereum.

The retrieved funds were distributed as follows:

  • AlchemixFi: returning the entire $22 million, comprising 7,258 ETH and 4,821 alETH.
  • Jpegd Frontrunner: 90% return, amounting to $11.5 million (5,495.4 WETH).
  • c0ffeebabe.eth: returning Metronome ($1.6 million) and CRV pool ($5.3 million), tallying up to $7 million.
  • Alchemix (Whitehat Operation): returning $13 million.

These restitution efforts followed the chaotic events of July, where a staggering $100 million in cryptocurrency vanished from various bridges associated with the Multichain protocol.

Additionally, on July 30, Curve Finance faced yet another breach that resulted in a loss of over $52 million during the mining process.

Curve Finance, now committed to accountability, has announced a $1.85 million bounty for the public. This bounty aims to incentivize the identification and apprehension of the exploiter behind the July exploit, which incurred losses of $61 million.

The gesture signifies a collective determination to ensure security and prevent future vulnerabilities.

While the ongoing sale of CRV tokens serves to expedite decentralization, questions have been raised about the large CRV holdings held by certain individuals, such as Michael Egorov, Curve Finance founder. This sale, while potentially addressing decentralization concerns, is not without its potential challenges.

The evolving narrative underscores the cryptocurrency community’s resilience in the face of adversity, with a focus on learning and improving safeguards for the future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Alchemix

AlchemixFi

c0ffeebabe.eth

CRV

Curve Finance

hack

Jpegd Frontrunner

Michael Egorov

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Curve Finance Reclaims $52.3 Million Stolen In The Recent Exploit

Key Points:

  • 73% of stolen Ethereum funds were reclaimed from Curve Finance exploit.
  • AlchemixFi, Jpegd Frontrunner, c0ffeebabe.eth contribute to recovery efforts.
  • Curve Finance offers a $1.85M bounty, emphasizing enhanced safeguards.
In a significant turn of events, the cryptocurrency community witnessed the recovery of approximately $52.3 million, or 73%, of the stolen funds resulting from the Curve Finance exploit on Ethereum. This exploit initially led to the loss of around $73.5 million in cryptocurrencies.
Curve Finance Reclaims $52.3 Million Stolen In The Recent Exploit

The exploit, executed by the initial exploiter of the Curve CRV-ETH vulnerability, managed to siphon off a massive amount from Ethereum.

The retrieved funds were distributed as follows:

  • AlchemixFi: returning the entire $22 million, comprising 7,258 ETH and 4,821 alETH.
  • Jpegd Frontrunner: 90% return, amounting to $11.5 million (5,495.4 WETH).
  • c0ffeebabe.eth: returning Metronome ($1.6 million) and CRV pool ($5.3 million), tallying up to $7 million.
  • Alchemix (Whitehat Operation): returning $13 million.

These restitution efforts followed the chaotic events of July, where a staggering $100 million in cryptocurrency vanished from various bridges associated with the Multichain protocol.

Additionally, on July 30, Curve Finance faced yet another breach that resulted in a loss of over $52 million during the mining process.

Curve Finance, now committed to accountability, has announced a $1.85 million bounty for the public. This bounty aims to incentivize the identification and apprehension of the exploiter behind the July exploit, which incurred losses of $61 million.

The gesture signifies a collective determination to ensure security and prevent future vulnerabilities.

While the ongoing sale of CRV tokens serves to expedite decentralization, questions have been raised about the large CRV holdings held by certain individuals, such as Michael Egorov, Curve Finance founder. This sale, while potentially addressing decentralization concerns, is not without its potential challenges.

The evolving narrative underscores the cryptocurrency community’s resilience in the face of adversity, with a focus on learning and improving safeguards for the future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.