Binance Recovers the Majority of Funds Stolen From Curve Finance
Daily Market Wrap
Crypto market cap: 1.18 trillion, down 0.01%
BTC price stands at USD 24,763, up 0.89%
ETH price stands at USD 1,979, down 0.32%
Top gainer: Shiba Inu (SHIB), up 34.12%
Top loser: Nexo (NEXO), down 5.09%
News of the Day
Binance has recovered the majority of funds that were stolen from Curve Finance.
Why it matters:
Binance CEO Changpeng Zhao announce in a tweet that Binance froze and recovered $450,000 worth of stolen funds from Curve Finance, representing 83%+ of the hack
On Tuesday, the Curve Finance team detected the hack, which led to nearly $573,000 being stolen from Curve Finance
According to Zhao, the hacker tried to send the stolen funds to Binance in various ways but was detected by his team; the exchange is currently working to return the funds to their rightful owners
Crypto Daily Spotlight
Suspected Tornado Cash developer is arrested in Amsterdam.
Brief introduction: Tornado Cash is a protocol that allows users to send in some cryptocurrency using their own wallets and get it back via different addresses. It is used by some people as a legitimate way to protect their privacy in the still nascent crypto market.
Why it matters:
The Fiscal Information and Investigation Service (FIOD) of the Netherlands said it arrested a 29-year-old man in Amsterdam on suspicion of “concealing criminal financial flows” and “facilitating money laundering” through crypto mixing service Tornado Cash
The move comes days after the U.S. government sanctioned Tornado Cash for its role in enabling billions of dollars worth of cryptocurrency to be laundered through its platform
Following the arrest of the alleged developer of Tornado Cash, proponents of crypto and privacy have criticised FIOD’s move, arguing that mainstream payments rails have been used for far more laundering
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