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Curve attacker begins to return stolen funds after bounty issued

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The attacker who focused Curve Finance, a decentralized finance (DeFi) protocol, has begun returning a number of the stolen funds. The attacker despatched 4,821 Ethereum (ETH), value roughly $9 million, in a sequence of transactions to Alchemix Finance, one of many victims.

Earlier right this moment, the attacker had despatched an on-chain message to Alchemix, asking the protocol to substantiate its handle earlier than the funds have been despatched. The attacker additional defined that he returned funds as a result of he didn’t wish to wreck the initiatives.

Curve Finance Hacker
Supply: Etherscan

Following the information, Curve’s CRV token noticed a worth rally of almost 6%, reaching $0.61640. This was prompted by speculations inside the neighborhood that the attacker may return extra of the stolen funds to the protocol.

On July 30, a number of DeFi initiatives suffered a reentrancy assault after a number of variations of Vyper, a wise contract language for the Ethereum digital machine (EVM), have been exploited by malicious gamers. Studies estimated that losses throughout these initiatives have been greater than $60 million.

The impacted initiatives had supplied the attacker a ten% bounty on Aug. 3 in alternate for the return of funds stolen.

Contagion fears persist

In the meantime, the assault had wider implications, presenting a contagion threat. The worth of Curve’s native token, CRV, fell by greater than 20% after the assault. The state of affairs was additional sophisticated by the truth that Curve’s founder, Michael Egorov, had used CRV as collateral on a number of lending protocols, together with Aave

Since then, Egorov has been concerned in a fireplace sale of CRV, promoting over 100 million tokens for $42.4 million to completely different entities, together with market maker Wintermute, Tron founder Justin Solar and others, through over-the-counter offers.

Nevertheless, on-chain analyst Lookonchain reported that Egorov nonetheless has $65.34 million in debt throughout completely different DeFi protocols.

The put up Curve attacker begins to return stolen funds after bounty issued appeared first on CryptoSlate.



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