The decentralized exchange, Curve Finance, recently faced a significant setback when hackers exploited several of its pools, making away with a staggering sum of over $70 million. However, in a surprising turn of events, the culprits have returned approximately 73% of the stolen crypto assets, which equates to about $52.3 million. This revelation comes from the blockchain security firm, PeckShield, which also highlighted that Curve Finance’s total loss from the hack amounted to $73.5 million. With the current recovery rate, the exchange is on a mission to retrieve the outstanding $19.7 million.<\/p>\n\n\n\n
Eight days prior, Curve Finance became the victim of a reentrancy attack, impacting four pools that utilized a specific version of the Ethereum Virtual Machine smart contract programming language, Vyper. This breach wasn’t limited to Curve Finance alone; other decentralized finance protocols, such as Metronome, Alchemix, and Ellipsis, were also affected. In a bid to recover the stolen assets, Curve, Metronome, and Alchemix reached out to the hackers on August 3 via an on-chain message. They proposed a 10% bug bounty in return for 90% of the stolen assets, with an assurance to halt any legal pursuits if the assets were returned by 08:00 UTC on August 6. The alternative? A public bounty for anyone who could identify the hackers leading to their legal conviction.<\/p>\n\n\n\n
From my point of view, the hackers’ decision to return a significant portion of the stolen assets is both unexpected and commendable. It showcases a rare instance where cybercriminals display a sense of responsibility, albeit after committing a grave offense. On the flip side, the incident serves as a stark reminder of the vulnerabilities inherent in decentralized platforms. While the promise of a 10% bounty might have been an enticing factor for the hackers, the swift response and collaborative approach of the affected protocols demonstrate the strength and resilience of the crypto community. As I see it, while Curve Finance and other affected platforms have a long road to recovery, such incidents can serve as valuable lessons for bolstering security measures in the future.<\/p>\n\n\n\n
In conclusion, the crypto world remains a dynamic and unpredictable landscape. The Curve Finance hack and subsequent events underscore the importance of robust security protocols and the power of community collaboration in addressing challenges.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Glimmer of Hope Amidst the Chaos The decentralized exchange, Curve Finance, recently faced a significant setback when hackers exploited several of its pools, making away with a staggering sum of over $70 million. However, in a surprising turn of events, the culprits have returned approximately 73% of the stolen crypto assets, which equates to […]<\/p>\n","protected":false},"author":3,"featured_media":726,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[53,54,87],"tags":[],"class_list":["post-725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-crypto","category-scam"],"_links":{"self":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/comments?post=725"}],"version-history":[{"count":1,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/725\/revisions"}],"predecessor-version":[{"id":738,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/posts\/725\/revisions\/738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media\/726"}],"wp:attachment":[{"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/media?parent=725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/categories?post=725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lunu.io\/news\/wp-json\/wp\/v2\/tags?post=725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}