Curve Finance Recovers 70% of Stolen Funds

Curve Finance Recovers 70% of Stolen Funds in Reentrancy Hack

Curve Finance has announced that it has recovered 70% of the $62 million stolen in a reentrancy hack on July 30. The decentralized finance (DeFi) protocol has promised to reimburse affected users. The attack targeted pools running on Vyper compilers between versions 0.2.15 and 0.3.0. Although the arbitral-tri crypto pool shares the same vulnerability, Curve has assured that there is no potential for exploitation in this pool. However, the platform has advised liquidity providers to withdraw their assets as a precaution.

Key Points:

Reentrancy attacks on DeFi platforms resulted in more than $60 million in losses
Curve’s stETH-ETH pool experienced reduced liquidity and outflows due to the hack
Curve has recovered 70% of the stolen funds with the help of white hat hackers
Assessment of user losses and plans for redistribution are underway
Curve offered a 10% public bounty for identifying the hacker, but no additional information on reimbursements has been provided

While recovering from the hack, Curve received a $5 million investment from Binance Labs and support from Justin Sun, the founder of Tron Network. The total value of assets locked on Curve has also started to increase, reaching $2.41 billion, a 2% increase over the past week.

Hot Take: Curve Finance’s recovery of 70% of the stolen funds is a positive development for affected users. However, the lack of information on reimbursements and the remaining $18.5 million yet to be recovered raises concerns. The involvement of white hat hackers and the support from Binance Labs and Justin Sun demonstrate the industry’s collaborative efforts to address security breaches in DeFi.