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Binance Recovers Around $450k From Stolen $570K Curve Finance Exploit

The majority of the stolen Curve money was frozen and recovered by Binance, founder Changpeng Zhao confirmed in a tweet on August 12.

The post Binance Recovers Around $450k From Stolen $570K Curve Finance Exploit appeared first on BeInCrypto.

The majority of the stolen Curve money was frozen and recovered by Binance, founder Changpeng Zhao confirmed in a tweet on August 12.

CZ stated that $450,000 constitute over 83% of the hack, and was frozen as the hacker transmitted the funds to the exchange. While the Binance chief mocked the hacker, he also confirmed that the platform is working to return the funds to the victims. However, the duration of this process is not yet known.

$2bn stolen in 13 cross-chain bridge hacks

On August 10 it was revealed that a DNS problem led to a front-end exploit on Curve Finance. The Curve team thought the site’s nameserver was compromised as a result of a bug. Meanwhile, CZ also took to Twitter to explain that a malicious contract was posted on the front page by the bad actor which would empty the victim’s wallet once they approved it.

Meanwhile, without making any DNS recommendations, the Binance co-founder had suggested against using GoDaddy for DNS and recommended switching to securer options used by companies like Google, Apple, and Microsoft.

According to data from Chainalysis, breaches on these cross-chain bridges have cost users the most since the year’s beginning with the largest cyber security threat emerging with the record theft of over $610 million from the Ronin network.

The blockchain analytics firm stated, “Chainalysis estimates that $2 billion in cryptocurrency has been stolen across 13 separate cross-chain bridge hacks, the majority of which was stolen this year. Attacks on bridges account for 69% of total funds stolen in 2022 so far. “

Is Binance dealing with cyber security threats?

That said, Binance is also dealing with regulatory concerns at a global level.

Earlier, a Reuters Special Report had signaled that Binance has become a hub for hackers, fraudsters, and drug traffickers. The June report alleged, “For five years, the world’s largest cryptocurrency exchange Binance served as a conduit for the laundering of at least $2.35 billion in illicit funds, a Reuters investigation has found.”

Another report claimed that the global exchange allegedly permitted users in Iran to trade in violation of American sanctions. Robert Auxt, the co-founder of Eterbase, had told the paper that ‘Binance had no idea who was moving money through their exchange.’

Notably, as a safety filter, the platform had also introduced Project Shield in partnership with CertiK and PeckShield to review project tokens that get listed on Binance centralized exchange to keep a check on frauds and rug pulls.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

The post Binance Recovers Around $450k From Stolen $570K Curve Finance Exploit appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Altcoins

Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares

Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’…

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

  • Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’ James Butterfill says the low inflows suggest there’s “continued investor hesitancy.”

The crypto market has struggled to tag a positive sentiment, with September again proving a tricky month for bulls as prices remained largely within a long term downtrend going back to November 2021.

So while institutional investors continue to size up opportunities in the digital assets sector, flows into investment products have significantly remained low over the past few weeks.

James Butterfill, Head of Research at digital asset manager CoinShares, says the low inflows seen last week imply a “continued hesitancy” from investors.

Butterfill shared the outlook in the latest edition of the “Digital Asset Fund Flows Weekly Report”, which CoinShares published on Monday.

Crypto funds see third week of inflows

Fund outflows year-to-date are at more than $42 million, with the past three weeks seeing positive flows.

According to Butterfill, the low flows suggest institutional investors are still weighing up the market, particularly given the global macroeconomic environment.

Digital asset investment products saw inflows totaling $10.3 million last week representing the third week of inflows. The flows remain low implying continued hesitancy amongst investors, this is highlighted in investment product trading volumes which were $886 million for the week, the lowest since October 2020,” Butterfill wrote.

Bitcoin recorded minor inflows for a third week in a row, with $7.7 million (short bitcoin saw inflows of $2.1 million). Meanwhile, Ethereum registered $5.6 million in inflows last week to post a second positive week – but short Ethereum products hit outflows of $0.9 million.

Across the altcoin market, negative sentiment saw investors pull $3.5 million. Top outflows were in Polygon, Cardano and Avalanche.

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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