Binance CEO Changpeng Zhao “CZ” says that the exchange has recovered and froze around $450,000 worth of the stolen assets from decentralized finance (DeFi) Curve Finance.
The hack took place on the front end of the prominent DeFi protocol’s website where the hackers were able to drain $537,000 worth of USD coin (USDC).
The hackers then sent the stolen funds to Binance for withdrawal, but the company was able to hold and block the transaction before being withdrawn.
According to the company, they are still working on recovering the other funds and will be posting updates on their website.
What Is Curve Finance?
Curve Finance is a decentralized exchange for trading cryptocurrency that focuses on efficient stablecoin trading. Curve’s focus on stablecoins allows investors to avoid more volatile crypto assets. It is an automated market maker (AMM) that maintains low fees and slippage through the use of liquidity pools.