Curve Finance hacker has started returning the stolen funds to the protocol.
In an unexpected turn of events, the Curve Finance hacker has decided to initiate the process of returning the stolen funds.
Curve Finance hacker returns loot
The infamous hacker behind the $61M attack on Curve Finance has begun to return some of the looted funds. The attacker used the Ethereum Blockchain to reach out to Alchemix, one of his victims, and requested for details to return the stolen assets.
The hacker then transferred about $10M worth of Ethereum and alETH to Alchemix’s multi-signature wallet through multiple transactions.
According to on-chain data from Etherscan, the hacker sent back about 4,821 ether ($8,891,578) over a series of three transactions to the developer wallet for Alchemix Finance.
This substantial return was shortly followed by another deal of 3,819 alETH, which at the time was comparable to about $6.7 million.
The governance token of Curve Finance, CRV, saw a considerable increase following the recent transactions, climbing by 5% over the past 24 hours. The victims now have hope that the platform will successfully retrieve a sizable percentage of the stolen money.
Related: Curve Finance founder Michael Egorov sued by three VC firms for deceptive practices
Breach affected the market
The breach on Curve Finance’s platform on July 30 cost the company $60 to $70 million. By taking advantage of a vulnerabilty in Vyper smart contracts, the attacker was able to launch additional attacks on several platforms.
Along with attacking Curve, the hacker also hit Alchemix and Metronome’s ETH pools, stealing $22.6 million from Alchemix and $3.4 million from Metronome.
The DeFi ecosystem has been considerably impacted by these breaches. It resulted in a decrease in the total locked value (TVL) of DeFi projects. Investors and liquidity providers withdrew nearly $3 billion from DeFi services as a result of the breaches, as reported on August 2.
The reasons for this surprising action are still unknown, sparking a frenzy of speculative activity. The funds that has been given back reflects a sizable portion of the overall amount stolen, showing a possible willingness to retract his actions.
Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
