Hacking is a very common event in the crypto market and we get to know about it quite frequently or I can say in every quarter of the year. This is sad because, with every hack event, people lose money. This happens with different exchanges or decentralised finance protocols despite the fact they are using high-end technologies. Hackers are also advanced and they figure out the ways to hack the system and steal money. Many bigger exchanges have been hacked in the past so it is always suggested to follow the safety protocols from the user and even knowing that the exchange is trying its best but sometimes all this does not work and hackers get the success.
Curve finance is one of the biggest decentralised finance protocols that has got hacked recently and they lost $61 million in funds. This was hacked on 30th July so its been a week time and its a big amount indeed. I know that these protocols follow the highest level of security but still, something is there which makes it easy to hack for hackers I'm not so sound in terms of Technology but this is one of the areas that I always feel bad for. why can't we build something that must be high proof and it might not be possible for hackers to break it? I hope this is possible and if not then all these exchanges and people who are in technology should look into this area.
The Curve Finance protocol was attacked through a reentrancy bug on July 30, and over $61 million worth of crypto was lost in the attack. The exploit affected the Alchemix Finance alETH-ETH, JPEG’d pETH-ETH and Metronome sETH-ETH pools.
Hacker Returning funds back
Now there is good news we can say that the hacker has started returning the funds to the Curve finance team and this is something that I am hearing for the first time. So far I have always seen cases where after the hike funds are gone and hackers have never returned any money. It's good that this time situation is like an exception where the money is coming back but I don't know how come this is possible because usually it is difficult to trace the hackers and even if you do then also there is hardly any chance to get the money back. As per the recent update, the hacker has returned almost $9 million in different coins to the team.
The attacker behind the $61 million July 30 Curve Finance attack has returned 4,820.55 Alchemix ETH (alETH), worth approximately $8,889,118, to the Alchemix Finance team and 1 Ether
ETH, approximately $1,844, to the Curve Finance team. The Alchemix Finance protocol alETH-ETH pool on Curve is one of the pools originally exploited.
The total amount that has been stolen from the protocol is 61 million us dollars and out of this only nine million approximately has been received back so still there is a big amount that is yet to come. hope it comes back because this can help thousands of people to get their smile back because, on every such platform, so many people invest money with the hope of getting some returns and not losing their hard-earned money. losing money this way is never a good feeling and if any reason the protocol gets all the funds back then I think it is the first we will see something like this.
As of now, the protocol has suspended all the rewards on the affected pools and this is effective 2nd August. This should start again but first, they want to fix the issue so that they can control the leakage and hopefully, this should not be happening back on the protocol as they will be following the required major to ensure the utmost security of funds.
Curve Finance defi platform was launched in the year 2020 when defi was just started so its an early player in the segment and it is on the ethereum blockchain. because it is an early player in the market so it has got good attention from investors and that is the reason why it is still one of the biggest platforms in the segment with a bigger investor portfolio this has also got multiple pools to offer a better variety to the investors.
Thank you