{"id":42853,"date":"2023-08-01T00:17:22","date_gmt":"2023-08-01T04:17:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/white-hat-hacker-recovers-5-4-million-for-defi-platform-curve-finance-amid-recent-exploit\/"},"modified":"2023-08-01T00:17:24","modified_gmt":"2023-08-01T04:17:24","slug":"white-hat-hacker-recovers-5-4-million-for-defi-platform-curve-finance-amid-recent-exploit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42853","title":{"rendered":"White Hat Hacker Recovers $5.4 Million For DeFi Platform Curve Finance Amid Recent Exploit"},"content":{"rendered":"
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An ethical hacker has recovered 2,879 ETH worth around $5.4 million for the decentralized finance (DeFi) protocol Curve Finance amid its recent hack losing over $47 million.\u00a0<\/p>\n

On July 30, the same day of the hack, it was reported that an ethical hacker seized some assets by front-running the original hackers’ malicious transactions.<\/p>\n

A maximal value bot \u201cc0ffeebabe.eth\u201d sent<\/u><\/a> the recovered assets to Curve\u2019s deployers address with users hailing the move. However, most crypto enthusiasts suggest that it will take a long time to recover from the damage.\u00a0<\/p>\n

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While good news comes from one end, bad news still trickles in as bad actors target victims of the hack with a new fraudulent scheme.\u00a0\u00a0<\/p>\n

Several accounts have been recorded both impersonating Curve Finance and victims of the hack putting together fake refunds targeted at users who lost their assets.\u00a0<\/p>\n

Since the incident occurred, Curve Finance has not made an official release concerning a potential fund rendering all associated postings so far, false.\u00a0<\/p>\n

Despite the return of $5.4 million worth of tokens, the attack destabilized markets with Curve\u2019s CRV token taking the biggest hit. CRV has plunged over 17% in the past 24 hours to trade at $0.61.<\/p>\n

A larger disaster looms as the total asset locked on the protocol took a nosedive from over $3 billion on Sunday to $1.7 billion at press time as multiple investors withdrew their assets in fear.\u00a0<\/p>\n

Most DeFi tokens remain down following the last bear market with observers predicting a high impact following related hacks<\/u> in previous months.<\/p>\n

A $47 Million Hack: What\u2019s Next?\u00a0<\/h2>\n

Curve, a stablecoin exchange based on Ethereum, announced<\/u> that it has been the victim of a hack leading to initial losses of $47 million.\u00a0<\/p>\n

The main reason for the exploit has been attributed to a retrancy bug in the Vyper programming language leading to the drain in multiple pools on the platform by the hacker.\u00a0<\/p>\n

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\u201cAs a result of an issue in Vyper compiler in versions 0.2.15-0.3.0, the following pools were hacked: crv\/eth, aleth\/eth, mseth\/eth, peth\/eth.\u201d<\/p>\n<\/blockquote>\n

While Curve operates several pools, only pools powered by the Vyper versions 0.2.15, 0.2.16, and 0.3.0 were affected by the incident, per a team member, Mimaklas on Discord.\u00a0<\/p>\n

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“all affected pools have been drained or white hacked, and the team is assessing the situation with affected teams,\u201d he added.\u00a0<\/p>\n

Retrancy is a bug deployed by bad actors to make repeated calls to a network to steal assets by accessing user wallets.\u00a0<\/p>\n<\/p><\/div>\n