<div class="sg-post-des">
  Twenty-seven percent of the funds stolen in the July 30 exploit have yet to be returned. 
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<div class="cointelegraph"> 
 <p>Binance Labs, the venture arm of cryptocurrency exchange Binance, has invested $5 million in Curve (CRV), the namesake <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a> of the decentralized stablecoin trading platform.</p> 
 <p>“Curve is the largest stableswap and second-largest DEX [decentralized exchange], with approximately $2.4B in total value locked and $215M in daily volume at the time of writing," Binance Labs said in the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, said the firm is pledging its full support to the DEX “given recent events that have impacted the protocol."&nbsp;</p> 
 <p>The firm says in exchange for the investment, Curve will deploy to BNB Smart Chain. The protocol currently operates on multiple chains, having been originally based on Ethereum, and serves as one of decentralized finance's (DeFi's) biggest market makers with several hundred pools in use.</p> 
 <p>On July 30, Curve was drained of $73.5 million&nbsp;from its stable pools due to a reentrancy vulnerability in its underlying programming language, Vyper. On Aug. 4, the <a rel="noopener noreferrer nofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a> behind the exploit wrote via Ethereum: “I’m refunding you not because you can find me, it’s because I don’t want to ruin your project. I’m smarter than all of you, fuck!!”</p> 
 <p>Soon after the message, 73%, or around $52.3 million, of the stolen assets were <a rel="noopener noreferrer nofollow" title="return" href="https://thebittimes.com/tag/return.html">return</a>ed to Curve by the <a rel="noopener noreferrer nofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a>. Since the full amount was not <a rel="noopener noreferrer nofollow" title="return" href="https://thebittimes.com/tag/return.html">return</a>ed, Curve subsequently issued a $1.85 million bounty for information pertaining to the whereabouts and identity of the <a rel="noopener noreferrer nofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a>. The <a rel="noopener noreferrer nofollow" title="return" href="https://thebittimes.com/tag/return.html">return</a> of <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a>, although <a rel="noopener noreferrer nofollow" title="partial" href="https://thebittimes.com/tag/partial.html">partial</a>, prevented the liquidation of $100 million in loans on various DeFi protocols originating from Curve founder Michael Egorov, of which CRV was used as the underlying collateral.&nbsp;</p> 
 <blockquote class="twitter-tweet"> 
  <p lang="en" dir="ltr">#PeckShieldAlert A total of ~$73.5M worth of cryptos on #Ethereum were stolen in the #Curve Reentrancy exploit. So far, ~73% of them (~$52.3M) have been <a rel="noopener noreferrer nofollow" title="return" href="https://thebittimes.com/tag/return.html">return</a>ed. <br><br>The remaining ~$19.7M worth of cryptos on #Ethereum have not yet been <a rel="noopener noreferrer nofollow" title="return" href="https://thebittimes.com/tag/return.html">return</a>ed by the 1st Curve CRV-ETH exploiter… pic.twitter.com/hU4v1UATeh</p>— PeckShieldAlert (@PeckShieldAlert) August 7, 2023 
 </blockquote> 
 <p><strong><em>Magazine:&nbsp;Blockchain games aren’t really decentralized… but that’s about to change</em></strong></p> 
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Binance invests $5M in Curve token as hacker partially returns funds

TheBitTimes

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