Curve Finance Recovers 73% Of Hacked Funds

TL;DR

• Curve Finance has recouped more than 70% of the funds stolen during its recent hack. 

• The protocol experienced a hack last week, with roughly $73 million worth of tokens stolen from the platform.

Curve Finance Recoups Some Of The Stolen Funds

Curve Finance has recovered 73% of the funds stolen during its hack a week ago. Last week, the Curve Finance protocol experienced an exploit that saw the attackers cart away with $73 million worth of various tokens.

The hack was carried out due to a “re-entrancy” bug in Vyper, a programming language used to power parts of the Curve system. The hack saw CRV, the native token of the Curve Finance ecosystem, lose more than 30% of its value within a couple of days. 

Over the past few days, the $22 million in ETH and Ether derivatives stolen from lending protocol AlchemixFi were returned. Furthermore, a trading bot returned 90% in ETH stolen from JPEGd while ethical hacker “c0ffeebabe.eth” returned over $6 million from synthetic protocol Metronome and a Curve trading pool. In addition to that, another ethical hacker returned $13 million from Alchemix.

Reentrancy is a tricky yet common bug that enables hackers to trick a smart contract by making repeated calls, or software commands, to a protocol to steal assets. 

Following the attack last week, Curve Finance offered a 10% bounty to the attackers for the return of the funds. The attacker began to return funds to Alchemix after confirming the deposit address in a blockchain message.

While most of the funds have been returned, more than $18 million is still remaining. The Curve Finance team opened up the bounty to the public a few hours ago. The team is offering $1.85 million to the person for can identify the hacker in any way that leads to a conviction in the courts. 

However, if the attacker returns the funds in full, Curve Finance will not pursue the case further. 

Curve Finance remains one of the most powerful protocols in the DeFi ecosystem. At press time, the price of CRV stands at $0.617, up by more than 1% in the last 24 hours.