Binance invests $5M in Curve token as hacker partially returns funds

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Binance Labs, the enterprise arm of cryptocurrency alternate Binance, has invested $5 million in Curve (CRV), the namesake token of the decentralized stablecoin buying and selling platform.

“Curve is the most important stableswap and second-largest DEX [decentralized exchange], with roughly $2.4B in complete worth locked and $215M in day by day quantity on the time of writing,” Binance Labs mentioned within the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, mentioned the agency is pledging its full help to the DEX “given current occasions which have impacted the protocol.” 

The agency says in alternate for the funding, Curve will deploy to BNB Chain. The protocol presently operates on a number of chains, having been initially based mostly on Ethereum, and serves as one in every of decentralized finance (DeFi)’s largest market makers with a number of hundred swimming pools in use.

On July 30, Curve was drained of $73.5 million from its secure swimming pools resulting from a reentrancy vulnerability in its underlying programming language, Vyber. On Aug. 4, the hacker behind the exploit wrote by way of Ethereum: “I am refunding you not as a result of you’ll find me, it is as a result of I do not need to break your undertaking. I am smarter than all of you, fuck!!” 

Quickly after the message, 73%, or round $52.3 million of the stolen property, have been returned to Curve by the hacker. Because the full quantity was not returned, Curve subsequently issued a $1.85 million bounty for info pertaining to the whereabouts and identification of the hacker. The return of funds, though partial, prevented the liquidation of $100 million in loans on numerous DeFi protocols originating from Curve’s founder Michael Egorov, of which CRV was used because the underlying collateral. 

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