Curve Bounces Back, Recouping 73% of Stolen Funds

Curve protocol recovers 73% of the funds lost following the July 30 reentrancy vulnerability exploit.

Man celebrating Curve Finance.
Created by Kornelija Poderskytė from DailyCoin
  • Curve Finance recouped 73% of stolen funds in the recent exploit. 
  • $18 million of the stolen funds is still unaccounted for. 
  • White hat hackers were instrumental in the recovery efforts. 

A recent development in Curve’s reentrancy vulnerability exploit, which saw over $70 million in digital assets stolen from the protocol, has stirred hope that the funds will eventually be recovered. The decentralized exchange has reported recouping 73% of the stolen funds from various parties. 

Voluntary Return of Funds

After monitoring notes of the hacker of AlchemixFi, PeckShieldAlert disclosed that the $22 million stolen from the lending protocol had been returned, including 7,258 ETH and 4,821 altH. Alchemix’s Operation White Hat has also recovered a further $13 million.

As part of the effort, an ethical hacker going by the pseudonym “c0ffeebabe.eth” was able to retrieve $7 million of the stolen funds, $1.6 million in synthetic protocol Metronome, and $5.3 million in Curve trading pool. In the spirit of the voluntary return and following a grace period for the same, the Jpegd frontrunner relinquished $11.5 million, equating to 90% of the originally stolen funds or 5,495.4 WETH.

Curve initially gave the hacker until August 6th to return 90% of the stolen funds; however, the deadline elapsed with more than $18 million unaccounted for. While it’s uncertain whether voluntary returns will keep coming in the next few days, the protocol maintains that it won’t pursue the matter further if the hacker returns the remaining funds in full. 

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.