An ethical hacker is reported to be able to recover 2,879 Ether from an exploiter and then <a href="https://etherscan.io/tx/0xb76754124fdde090f25129105ed2907e3c62e0db87ecb8ffcefcb1dede0954fd" rel="noopener noreferrer nofollow">return </a>it to the decentralized finance (DeFi) protocol Curve Finance. The recovered assets were subsequently transferred back to the Curve deployer address, which appears to be its legitimate custodian. 
<h2 id="span-style-font-weight-400-curve-finance-was-exploited-due-to-vyper-vulnerability-span">Curve Finance was Exploited due to Vyper Vulnerability</h2> 
On July 30, a white hat hacker going by the handle “c0ffeebabe.eth” <a href="https://twitter.com/PeckShieldAlert/status/1685804409610203136?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1685804409610203136%7Ctwgr%5Eb37fe16e327750fb3a6c4086c3d53ecf283b4c4a%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fwhite-hat-returns-5-million-curve-finance-hack" rel="noopener noreferrer nofollow">recovered</a> parts of the hacked assets and gave them back to Curve Finance that was exploited since some versions of the Vyper programming language had defective reentrancy security locks.&nbsp; 
<h3 id="span-style-font-weight-400-3-000-eth-has-been-retrieved-span">3,000 ETH has been Retrieved</h3> 
Notably, the hacker is said to have used a front-running bot against the malevolent hacker to secure nearly 3,000 ETH, which is currently valued at $5.4 million.&nbsp; 
Curve Finance’s losses are projected to be over $47 million. Furthermore, DeFi protocols that used vulnerable versions of Vyper were taken advantage of, putting the DeFi ecosystem under pressure.&nbsp; 
<h2 id="span-style-font-weight-400-twitter-accounts-are-pretending-to-be-curve-finance-span">Twitter Accounts are Pretending to be Curve Finance</h2> 
Notably, the verified Curve Finance account had not yet shared an announcement for a reimbursement. However, some accounts on Twitter are pretending to be Curve Finance and hack victims have been advertising a bogus refund scheme aimed at those who have lost their assets due to the current hack, which serves to add fuel to the fire. 
<h3 id="span-style-font-weight-400-losses-of-656m-in-h1-2023-span">Losses of $656M in H1 2023</h3> 
Meanwhile, as the crypto business keeps on garnering global interest, bringing investors looking for profitable prospects, the industry experienced immense losses of roughly $656 million in the very first half of 2023 due to hacks, scams, and rug pulls. According to <a href="https://thecoinrise.com/crypto-market-records-656m-in-hacks-and-scams-in-h1-2023/" rel="noopener noreferrer nofollow">a July research published</a> by Web3 security firm Beosin, 108 Protocol attacks resulted in $471.43 million damage.&nbsp; 
However, when comparing H1 2023 to the previous year, the security firm observed a significant drop in overall loss from hacking in Web3. <a href="https://thecoinrise.com/over-1-5b-stolen-in-top-5-crypto-hacks-in-2022-forbes/" rel="noopener noreferrer nofollow">The overall loss from attacks in H1 2022</a> was predicted to be $1.91 billion, highlighting the disastrous effects of hacking during that time period. 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/4-5m-related-to-curve-finance-has-been-retrieved/">$4.5M Related to Curve Finance has been Retrieved</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

$4.5M Related to Curve Finance has been Retrieved

Table of Contents

TheCoinrise Media

Other articles published on Aug 4, 2023

Worldcoin to Offer User ID Database to Companies, Governments

JNJ Stock Price Prediction: Is JNJ Good Investment For 2023?

Crypto Vs SEC: Alleged Double Standards at SEC – Ethereum Favoured, Ripple Snubbed?

Markets Kick Off Session Bluntly as XDC Dominates

SEC Cracks Down on DEBT Box in $50 Million Crypto Scam; Token Price Plunges 52%

Michael Egorov Sells 34 Million Dollars in CRV and Repays Debts Worth Millions!

Join our free newsletter for daily crypto updates!