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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

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

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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