Changpeng Zhao from Binance announced after the Curve Finance breach that $450 million had been recovered by hackers. Curve, a decentralized finance platform (defi), saw $570 million stolen from its application in August 9.
Binance Boss stated that Exchange had frozen 83% Curve Finance Hack Funds. The Domain Provider said Exploit was DNS Cache Poisoning.
A four-day period ago, crypto communities were made aware of the exploitation of Curve Finance’s front end. Curve Finance fixed the issue, however $570 million of the defi protocol was deleted. However, the attackers decided to transfer funds to cryptocurrency exchanges. Changpeng Zhao, Binance CEO (CZ), tweeted the exploit shortly after it occurred.
“Curve Finance had their DNS hijacked in the past hour,” CZ wrote. “Hacker put a malicious contract on the home page. It would then drain the victim’s bank account if the victim accepted the contract. The damage is estimated at $570K. We are monitoring.” In addition to Binance monitoring the situation, the exchange Fixedfloat managed to freeze some funds.
“Our security department has frozen part of the funds in the amount of 112 [ether]. In order for our security department to be able to sort out what happened as soon as possible, please email us,” Fixedfloat wroteDay of hack. CZ then explained that Binance had recouped 83% of funds three days following the hack at 1:07 AM (EST).
“Binance froze/recovered $450K of the Curve stolen funds, representing 83%+ of the hack,” CZ tweetedFreitag “We are working with [law enforcement]The hacker sent the money to Binance in various ways, thinking we couldn’t catch it.” CZ added. The hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it,” CZ added.
Curve Finance retweeted CZ’s statement and noted earlier in the day that the team has a brief report from the domain provider [iwantmyname.com] and said: “In brief: DNS cache poisoning, not nameserver compromise,” Curve Finance explainedShare the report. “No one on the web is 100% safe from these attacks. What has happened STRONGLY suggests to start moving to ENS instead of DNS.”
The domain provider iwantmyname.com’s report confirms Curve’s statements. “It appears that one customer’s domain was targeted,” iwantmyname.com’s disclosure report details. “Our external provider’s hosted DNS infrastructure was apparently compromised and the DNS records for this domain were changed to point to a cloned web server. Further investigation together with the external provider indicates that it was DNS Cache poisoning rather than any nameservers compromised.”
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