Curve Finance Exploiter Returns 61,000 ETH After Protocol’s Stern Warning

Curve Finance Exploiter Returns 61,000 ETH After Protocol’s Stern Warning

In a surprising turn of events, the hacker known as the “Alchemix/Curve Finance Exploiter” has returned a total of 4,819.55 alteth and 6106 Ethereum (ETH) to Alchemix Finance, as reported by the journalist Colin Wu.  

The hacker, who had gained unauthorized access to the protocol, had earlier demanded that the Alchemix Finance team confirm the address to which they wanted the stolen funds returned.

Curve Finance Breach Ends On Positive Note

Curve Finance has announced the return of stolen funds worth over $60 million, which were taken in a recent exploit. 

As reported by NewsBTC, the protocol had issued a statement on Etherscan, urging the hackers to return the funds, and offered a 10% reward for their return. The hackers have agreed to return the funds, keeping 10% of the stolen amount.

The attack on Curve Finance, which took place on July 30th, significantly impacted the decentralized finance (DeFi) sector and raised concerns about its security. 

The hack targeted several pools on Curve Finance, withdrawing more than $47 million from various DeFi projects. This led to a drop in the value of Curve DAO (CRV), prompting its founder, Michael Egorov, to sell off the asset to save it.

Following the attack, Curve Finance has taken measures to improve its security, including updating its contracts and implementing stricter security protocols. The protocol has also called on the hacker to return the stolen funds and offered a reward for their cooperation.

The hack had caused significant concern among the cryptocurrency community. Still, the Alchemix Finance team’s swift response and the hacker’s decision to return the stolen funds demonstrate the importance of protocols taking swift action to protect their users and assets.

CRV Sees Strong Trading Volume Despite Recent Hack

Curve Finance is one of the largest decentralized exchanges (DEXs) in the cryptocurrency market, with a total value locked (TVL) of $2.349 billion, according to data from DeFiLlama. 

The exchange has a market capitalization of $540.35 million and a fully diluted valuation of $2.035 billion, making it a significant player in the DeFi ecosystem.

The Curve Finance token (CRV) price currently stands at $0.62, with a 24-hour trading volume of $177.09 million. The staked amount of CRV is $432.64 million, representing approximately 80.07% of the market capitalization of the protocol.

The data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi sector, with a substantial TVL and a high level of staked tokens. The liquidity available for trading on the exchange is also significant, with a high annualized trading volume and fees.

The revenue generated by Curve Finance demonstrates the potential for decentralized exchanges to become profitable businesses, offering a viable alternative to centralized exchanges. 

Overall, the data from DeFiLlama highlights the significant role that Curve Finance plays in the DeFi ecosystem and the potential for decentralized exchanges to become profitable businesses. With its high TVL, staked tokens, and liquidity, Curve Finance is well-positioned to continue its growth and become a leader in the DeFi sector.

Featured image from Unsplash, chart from TradingView.com

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