defi, hack, security, altcoins, binance

Source: AdobeStock / Mopic

Major crypto exchange Binance said it has frozen or recovered more than 83% of the Curve Finance (CRV) stolen funds.

According to the exchange’s CEO, Changpeng ‘CZ’ Zhao,

“Binance froze/recovered [USD] 450k of the Curve stolen funds, representing 83%+ of the hack. We are working with LE to return the funds to the users.”

The CEO added that “the hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it,” concluding the post with a laughing emoji.

On August 9, CZ wrote that Curve had their DNS hijacked.

DNS, or the Domain Name System, turns human-readable domain names into machine-readable IP addresses, which browsers use to load internet pages.

Per the CEO, the hacker(s) put a malicious contract on the home page, so when the victim approved the contract, it would drain their wallet. “Damage is around [USD] 570k so far. We are monitoring,” said CZ.

Further commenting on the Curve hack, he also added that,

“They use GoDaddy [an Internet domain registrar and web hosting company] for DNS, which is insecure. No web3 projects should use that. Very susceptible to social engineering.”

On their part, on Thursday, Curve shared “a brief report” on what had occurred, stating that, in brief: “DNS cache poisoning, not nameserver compromise,” adding:

“No one on the web is 100% safe from these of attacks. What has happened STRONGLY suggests to start moving to ENS instead of DNS.”

The Ethereum Name Service (ENS) is an open and extensible naming system based on the Ethereum (ETH) blockchain, which maps human-readable names to machine-readable identifiers such as crypto addresses, content hashes, and metadata.

The report by domain registrar company iwantmyname stated that the company is investigating this DNS issue that on August 9 “led to the apparent compromise of one of our customer’s websites and a downtime for some customers that use our DNS services.”

Per the report,

“Our external provider’s hosted DNS infrastructure was apparently compromised and the DNS records for this domain were changed to point to a cloned web server.”

The analysis done up to that point indicated that the compromise didn’t occur on the iwantmyname infrastructure or that of their service provider, and the team said that they are “still looking into the root cause and the full timeline.”

Meanwhile, users are warning about Curve Finance impersonators attempting to trick investors:

At 10:54 UTC, CRV was trading at USD 1.37, down 2% in a day and up 2.5% in a week. Overall, the coin is up 55% in a month, down 33% in a year, and down 91% since its all-time high recorded in August 2020.

____

TECH NEWS RELATED

Victims of TerraUSD UST Collapse Speak Out – Will Do Kwon Be Arrested?

Source: Screenshot/Terra/YouTube Victims of the collapse of the Terra ecosytem, which wiped out over $60 billion of investors’ funds, have been speaking up and calling for Do Kwon and entities related to him to be brought to justice.  In a Twitter thread, ‘FatManTerra,’ a pseudonymous finance investor who has ...

View more: Victims of TerraUSD UST Collapse Speak Out – Will Do Kwon Be Arrested?

INTO THE FUTURE ⚛️ Cosmoverse DAY 3 Saw the Announcement of USDC Coming to Cosmos, the Evolution of ATOM and End of Conference Cosmos Awards External Inbox

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content. Aaaand that’s a wrap! We can’t believe that Cosmoverse 2022 has ended – but know that we’re already excited for the next one. These last few days have demonstrated the power of community. It’s been great ...

View more: INTO THE FUTURE ⚛️ Cosmoverse DAY 3 Saw the Announcement of USDC Coming to Cosmos, the Evolution of ATOM and End of Conference Cosmos Awards External Inbox

CFTC Chair Says Crypto Regulations Could Double Bitcoin Price

Behnam argued that Bitcoin could soar in a regulated market where institutional investors feel more comfortable wading into the industry.

View more: CFTC Chair Says Crypto Regulations Could Double Bitcoin Price

Cardano CEO Hoskinson Argues VC Money Will Flood to Ecosystem by 2024

Charles Hoskinson. Source: a video screenshot, Messari / YouTube Charles Hoskinson, co-founder of Ethereum (ETH) and co-founder of Cardano (ADA), said that venture capital (VC) funds will come “organically” when Cardano decentralized apps (dapps) start seeing million-dollar valuations. During Mainnet 2022 in New York, USA, in an interview moderated ...

View more: Cardano CEO Hoskinson Argues VC Money Will Flood to Ecosystem by 2024

Best Emerging Cryptocurrency to Invest in 2022

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.  While large-cap digital currencies like Bitcoin and Ethereum have already witnessed unprecedented growth, there are many crypto assets in this space that are yet to fully emerge.  ...

View more: Best Emerging Cryptocurrency to Invest in 2022

Bitcoin Price and Ethereum Eye Crucial Bullish Break

Bitcoin price is eyeing an upside break above $19,650. Ethereum could rally above $1,350, XRP is struggling to clear $0.45. DCR is up over 10%, and HNT is still gaining bullish momentum. Bitcoin price recovered above the $19,000 and $19,200 level. BTC is currently (10:30 UTC) eyeing an upside ...

View more: Bitcoin Price and Ethereum Eye Crucial Bullish Break

Cardano Crypto Price Prediction – Can ADA Reach $5 by 2023?

The price of Cardano (ADA) has risen by 2% in the past 24 hours, reaching $0.436895. This represents a 1% dip in a week and a 9% fall in a fortnight, with the macroeconomic backdrop of high inflation, rising interest rates and a potential global recession weighing down the ...

View more: Cardano Crypto Price Prediction – Can ADA Reach $5 by 2023?

SEC Charges Crypto Firm Hydrogen Technology With Market Manipulation, Selling Unregistered Securities

The SEC alleges that Hydrogen has been involved in unregistered offers and sales of securities in the form of its Hydro token.

View more: SEC Charges Crypto Firm Hydrogen Technology With Market Manipulation, Selling Unregistered Securities

Billionaire Stan Druckenmiller Predicts Bright Future For Cryptos Amid Recession Forecasts

Lucky Block Price Pump Incoming With 1% Supply Burn Starting Tomorrow Friday 30th

Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows

Pi Coin Price Prediction 2022 - 2030

Disney’s Latest Web3 Move Highlights Importance of NFT Attorneys

Terraform Says Case Against Do Kwon Is ‘Politicized’ and LUNC ‘Isn’t a Security’

$2.4M Funded to ULTRADE as the New Wave of DeFi-as-a-Service Infrastructure Emerges

Lightning Speed: Taro Is Here! Lightning Labs Releases The Code’s Alpha Version

Litecoin Price Recovers But The Bears Might Drag The Altcoin To $51

MANA Price Gets 2.5% Weekly Boost As Bulls Charge For Reversal

Bitcoin Price and Ethereum Hold Strong, HNT and SNX Rally

Solana Price Reverses Its Green Start, What’s The Next Target?

OTHER TECH NEWS

Top Car News Car News