Binance Recovers Most Of The Money From A Hack

The world's largest cryptocurrency exchange has frozen 80% of the assets stolen from the Curve Finance platform.

In a Twitter post, Changpeng Zhao (CZ), CEO of Binance confirmed the exchange had frozen accounts and recovered $450,000 . These assets account for 80% of the funds stolen from the Curve Finance platform.

According to CZ, hackers tried to send funds to the exchange in various ways, but Binance detected it.

This exchange is tracing to send the said amount to the owner's wallet before the hack. On August 8, the Curve Finance development team discovered the attacks and warned users. An hour later, the development team said they found the vulnerability and will fix it. However, the hacker managed to steal about 537,000 USD C.

According to experts from blockchain analytics firm Elliptic, a hacker has breached Curve Finance's domain name system (DNS). This person then sends money to exchanges using a cryptocurrency "mixer" to erase the trail.

The Curve Finance exploit is just one of many attacks happening in 2022. According to analytics firm Chainalysis, $ 2 billion worth of funds were stolen following cross-chain bridge hacks.

Recently, the US Treasury Department also announced a ban on Tornado Cash, a cryptocurrency "mixing" service that hackers regularly use to hide transaction information.

According to a notice from the US Treasury Department's Office of Foreign Assets Control (OFAC), Tornado Cash has been listed as a Special National Designation (SDN) alongside 44 associated Ethereum and USDC wallets. Banned wallets include the smart contract that operates Tornado Cash, Gitcoin addresses, and the Tornado Cash donation wallet.

Individuals and companies operating in the US are not allowed to financially interact with blacklisted entities, and any violators can face criminal prosecution.