Curve Finance Completes $50 Million Recovered From Recent Hack Attack

August 11, 2023 - Around 2 mins mins to read

Key Points:

70% of the $73 million lost in Curve Finance‘s recent hack has been successfully reclaimed.
Efforts continue to recover the remaining missing assets.
Curve Finance shows strength through sustained accumulation and positive on-chain metrics, indicating a potential comeback.

Curve Finance has made significant strides in its recovery efforts after a recent hacking incident that resulted in the loss of around $73 million across various projects within its factory pools, including prominent names like JPEG’d, Metronome, and Alchemix.

Curve Finance Completes $50 Million Recovered From Recent Hack Attack

The platform has successfully reclaimed 70% of the stolen funds, which amounted to approximately $50 million, easing concerns for both users and stakeholders. The remaining missing funds are subject to an ongoing investigation.

The retrieved funds were either returned directly by multiple hackers or safeguarded with the assistance of ethical operators of MEV bots. This recovery brings hope that the majority of the pilfered assets will be returned to the victims, marking one of the most notable crypto exploits of the year.

The attack on Curve Finance, which exploited a critical reentrancy vulnerability in its smart contract logic, prompted the platform to offer a $1.85 million bounty for accurate identification of the attackers behind the outstanding funds.

Despite the setback, the project is determined to bounce back, as evidenced by sustained whale accumulation and substantial transactions.

Crypto analytical resource Santiment recently conducted an in-depth analysis of Curve Finance’s on-chain metrics, revealing the project’s efforts to recuperate from the bearish sentiment that followed the hack.

Notably, certain addresses have steadily increased their holdings over the past fortnight, elevating their cumulative holdings from 33% to 41% of CRV’s circulating supply.

With the return of a significant portion of the stolen funds and a growing accumulation of assets, the platform appears poised to overcome the challenges posed by the recent breach and reaffirm its standing in the crypto space.

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