Curve Hacker Begins Returning Stolen Funds

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The Heist

In the world of decentralized finance, the past week has been nothing short of a rollercoaster ride. The decentralized exchange Curve Finance was hit by a devastating exploit, resulting in the loss of $61 million in assets. This marked one of the most dramatic crypto exploits of the year, sending shockwaves through the DeFi sector.

 

The exploit was orchestrated by an unknown hacker who managed to exploit a coding bug, allowing them to loot multiple trading pools. The victims of this heist were Curve, Metronome, and Alchemix, who collectively lost a staggering $61.7 million in crypto assets over the weekend.

 

The Aftermath

The aftermath of the exploit was chaotic. The news of the exploit sent ripples of anxiety through the DeFi sector, leading to a mass exodus of investors pulling out their assets as a precautionary measure. The governance token of Curve, CRV, took a significant hit, with its price plummeting as much as 31% to 50 cents.

 

The plunge in CRV’s price put Curve founder Michael Egorov’s loans, which were secured with $168 million CRV, at risk of liquidation. A liquidation would have left lending protocols like Aave in distress with tens of millions in bad debt. To avert this near-catastrophe, Egorov sold roughly $42 million of his CRV stash, including to crypto entrepreneur Justin Sun, founder of the Tron blockchain, in over-the-counter deals to pay off loans.

JUST IN:Looter Behind $61M Curve Hack Starts Returning Assets, Raising Hope for Recovery

— Crypto Macro (@cryptomacro14)

A Glimmer of Hope

In a surprising turn of events, the exploiter responsible for the heist started returning some of the stolen assets. This unexpected act of redemption began after the exploiter engaged in talks with Alchemix, one of the victims of the heist.

 

In a message linked to an Ethereum blockchain transaction, the exploiter asked Alchemix to confirm the protocol’s address where he could return the assets. Shortly after, he transferred almost $10 million of ether (ETH) and alETH to Alchemix’s multisignature wallet in multiple transactions, as shown by blockchain data on .

 

The Bounty Offer

In response to this act, the affected protocols offered a 10% bounty on Thursday for returning the rest of the assets by August 6th. This offer spurred hope that most of the stolen assets could be recovered, offering a glimmer of hope in what has been a tumultuous period for the DeFi sector.

 

Market Reaction

The market reacted positively to this news, with CRV, the governance token of Curve, jumping 5% over the past 24 hours. This increase indicates a renewed confidence in the platform and a belief in the potential recovery of the stolen assets.

 

Conclusion

The Curve exploit has been a stark reminder of the risks inherent in the DeFi sector. However, the return of some of the stolen assets and the offer of a bounty for the rest have provided a glimmer of hope. As the DeFi sector continues to grapple with the fallout from this exploit, the actions of the exploiter and the response of the affected protocols will be closely watched. The hope is that this incident will lead to stronger security measures and a more resilient DeFi sector.