Curve Finance Recovers 70% of Stolen Funds
The Curve Finance team continues its efforts to investigate and recover the remaining stolen funds.
Recovery Update:
- Recent Announcement: Curve Finance has successfully recovered 70% of the funds stolen during the hack on 31/07, which resulted in a loss of up to $52 million and had severe repercussions.
- Official Statement: "70% of the funds affected by last week’s hack have been recovered. We are still working to recover the remaining amount."
Quick post-hack update.
— Curve Finance (@CurveFinance) August 11, 2023
While 70% of funds affected by the hack last week are recovered, active investigation with regards to the rest is underway.
In the meantime, we are also working on measuring the respective shares of each affected user with the goal of proper distribution
Ongoing Efforts:
- User Compensation: Curve is also assessing the exposure and losses of individual users to ensure fair compensation.
- Incident Details: The hack occurred on the evening of 30/07 due to a vulnerability in the liquidity pools using the Vyper programming language, which allowed hackers to infiltrate. The affected projects include:
- JPEG'd: Approximately $11 million
- Metronome: Approximately $1.6 million
- Alchemix: $20.6 million + $11 million returned by white hat hackers
- CRV-ETH Pool: $19 million still held by hackers + $5.3 million returned by white hat hacker coffeebabe.eth
Response and Bounty:
- Initial Offer: Curve initially offered the hackers to keep 10% of the stolen assets as a bug bounty. Some hackers accepted and returned the funds, but at least two remain unresponsive.
- Bounty Increase: Curve has now offered a $1.85 million reward for anyone who can identify the attackers.
Support and Investments:
- Binance Labs: Despite the incident, Binance Labs recently invested $5 million in Curve Finance’s CRV token and supported the project’s development on the BNB Chain.
- Aave: Aave has approved a proposal to purchase $2 million worth of CRV tokens OTC, continuing efforts to support the project following similar buyback agreements by Curve’s founder Michael Egorov.
Curve Finance's recovery of 70% of the stolen funds is a significant milestone, demonstrating their commitment to restoring user confidence and securing the platform. The ongoing support from major industry players like Binance Labs and Aave further underscores the importance and resilience of Curve within the DeFi ecosystem.
