Binance has managed to recover more than 80% of the funds stolen from Curve Finance

Following the recent Curve Finance hack, centralized exchange Binance’s CEO Changpeng Zhao (CZ) announced through his Twitter profile that his company has frozen and recovered $450,000 of the assets stolen in the exploit, amounting to more than 80% of the total lost funds.

Binance froze/recovered $450k of the Curve stolen funds, representing 83%+ of the hack. We are working with LE to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can't catch it. 😂#SAFU https://t.co/Ekea9moeAw
— CZ 🔶 Binance (@cz_binance) August 12, 2022

CZ goes on to state that the Curve Finance hacker tried to send funds to the platform in various ways that were all detected by the exchange. Binance is currently in the process of returning the stolen assets to their rightful owners.

According to various researchers, the crypto stolen from Curve Finance users, by compromising the platform’s DNS, was sent to numerous exchanges and cryptocurrency mixers in desperate attempts to hide the money trail, yet Binance still managed to catch the illicit activity.

This isn’t the first time Binance has stepped in to freeze suspicious assets from being transferred out of the platform due to being tied up with thefts. One of the recent recovery actions of the exchange happened in April 2022, when the platform froze $5.8 million worth of digital assets, that were proven to be connected to Axie Infinity’s Ronin Bridge hack.