Curve attacker begins to return stolen funds after bounty issued

cyptouser8 months agoCryptocurrencies News205

Curve attacker begins to return stolen funds after bounty issued

The attacker who targeted Curve Finance, a decentralized finance (DeFi) protocol, has begun returning some of the stolen funds. The attacker sent 4,821 Ethereum (ETH), worth approximately $9 million, in a series of transactions to Alchemix Finance, one of the victims.

Earlier today, the attacker had sent an on-chain message to Alchemix, asking the protocol to confirm its address before the funds were sent. The attacker further explained that he returned funds because he did not want to ruin the projects.

Curve Finance Hacker
Source: Etherscan

Following the news, Curve’s CRV token saw a price rally of nearly 6%, reaching $0.61640. This was prompted by speculations within the community that the attacker might return more of the stolen funds to the protocol.

On July 30, several DeFi projects suffered a reentrancy attack after multiple versions of Vyper, a smart contract language for the Ethereum virtual machine (EVM), were exploited by malicious players. Reports estimated that losses across these projects were more than $60 million.

The impacted projects had offered the attacker a 10% bounty on Aug. 3 in exchange for the return of funds stolen.

Contagion fears persist

Meanwhile, the attack had wider implications, presenting a contagion risk. The value of Curve’s native token, CRV, fell by more than 20% after the attack. The situation was further complicated by the fact that Curve’s founder, Michael Egorov, had used CRV as collateral on several lending protocols, including Aave

Since then, Egorov has been involved in a fire sale of CRV, selling over 100 million tokens for $42.4 million to different entities, including market maker Wintermute, Tron founder Justin Sun and others, via over-the-counter deals.

However, on-chain analyst Lookonchain reported that Egorov still has $65.34 million in debt across different DeFi protocols.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

$700K in crypto and NFTs lost in phishing attack through Vitalik Buterin’s hacked X account

Ethereum co-founder Vitalik Buterin’s account on X (formerly Twitter) was compromised late...

Terra official website compromised, replaced with phishing site

Terra’s official website has been reportedly replaced by a phishing site, cautioning a potential thr...

Balancer announces $27M may be at risk due to vulnerability in DeFi pools

The DeFi platform Balancer (BAL) disclosed a vulnerability affecting several of its pools in a state...

New Russian malware, dubbed ‘Infamous Chisel,’ identified targeting Binance, Coinbase, and Trust wal

Newly discovered malware dubbed “Infamous Chisel” targets crypto wallets and other Android apps, acc...

Web3 casino payment provider hack grows larger with discovery of $37M

It has been reported that an additional $37 million has been discovered in the recent web3 casino pa...

Binance CEO’s warns of phishing scams after Uniswap founder’s Twitter breach

Binance CEO Changpeng ‘CZ’ Zhao warned the cryptocurrency community to be careful of phishing&n...