Binance Freezes $450K Stolen Throughout Curve Front-End Exploit
Binance has seized $450,000 of the stolen cash after the front-end attack of Curve Finance, according to a new report. FixedFloat also froze 112 ETH immediately after the event, bringing the total amount of money frozen to roughly $650,000.
A few days ago, Curve Finance was hacked, with the perpetrator reportedly obtaining $570,000 at the time. Using a front-end vulnerability, the hacker stole cash from the curve.fi website. The attack was caused by a breach in the website’s name server, and the team requested users to withdraw any accepted contracts.
The Curve team quickly patched the vulnerability, doing so within hours. Analysis of the event revealed that when a transaction to spend an asset was accepted, the cash would be transferred to a malicious, externally-owned account (EOA).
Fortunately, the crew immediately stopped the attempt. This was not the first concern in the Curve ecosystem this year, as Convex Finance patched a rug pull vulnerability that could have resulted in a $15 billion loss.
In 2022, there has been a constant flow of assaults, with well over a billion taken. With regards to security, projects are on high alert. As assaults multiply, the necessity for audits and careful, smart contract creation is more significant than ever.
DeFi Market As Big a Target As Ever
The DeFi industry is a prominent target for hackers, who continue to identify several vulnerabilities on various systems. According to research by SlowMist, nearly $1 billion will be extracted from space in 2022. The actual number is probably far more significant.
Tornado Cash, a mixing service, has gained popularity as a means for criminals to channel off their money. The technology obfuscates transaction data, making it almost untraceable.
In any event, DeFi platforms must be vigilant since the number of assaults will not lessen. They will even have to watch out for North Korea since the Lazarus Group, affiliated with the country, has undertaken many strikes. It is suspected to be responsible for the $100 million Horizon Bridge breach.