Curve Finance Compromised by Hackers, $570,000 in ETH Stolen From Users

The hacker(s) compromised a Curve domain name to redirect unsuspecting Curve users to a malevolent web address.

By Radhika Parashar | Updated: 10 August 2022 10:58 IST

Curve Finance Compromised by Hackers, $570,000 in ETH Stolen From Users

Photo Credit: Pexels/ Sora Shimazaki

This attack on Curve Finance marks the fifth large-scale hack on crypto firms in one month

Highlights

Curve Finance is a decentralised exchange
The platform has not announced any reimbursement plans as yet
Investigation in the attack has been opened

In the slew of hack attacks affecting the crypto industry lately, another one has made it to the list. In a frontend attack, cyber criminals compromised Curve Finance, which is a decentralised exchanged launched in 2020. The platform also works as an automated market maker (AMM) that enables the trading for stablecoins and wrapped digital assets. The hackers managed to get away with $570,000 (roughly Rs. 4 crore) worth of Ether.

The hacker(s) compromised a Curve domain name to redirect unsuspecting Curve users to a malevolent web address. As per Curve developers, the Curve.fi nameserver site had suffered the breach.

The platform has claimed to have investigated and resolved the issue.

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Don't use the frontend yet. Investigating! https://t.co/8kmtpGsLQQ
— Curve Finance (@CurveFinance) August 9, 2022

Zachxbt, a Web3 on-chain investigator, has claimed that the stolen funds were deposited to the FixedFload crypto exchange to launder them.

Looks like $570k stolen

0x50f9202e0f1c1577822BD67193960B213CD2f331 pic.twitter.com/IG6nIKVv59
— ZachXBT (@zachxbt) August 9, 2022

In a swift response to Zackxt's alert, FixedFloat took timely action and managed to secure ETH worth $191,088 (roughly Rs. 1.5 crore). This makes for ETH 112.

Our security department has frozen part of the funds in the amount of 112 ETH. In order for our security department to be able to sort out what happened as soon as possible, please email us: info@fixedfloat.com
— FixedFloat:zap:️ (@FixedFloat) August 9, 2022

This attack on Curve Finance marks the fifth large-scale hack on crypto firms in the last one month.

In July, NFT registration platform Premint lost 320 NFTs in a hack attack. The hackers were found to have re-sold the stolen NFTs for a total of $400,000 (roughly Rs. 3.20 crore) in 275 Ether tokens.

The same month, Audius, a decentralised music platform, lost 18 million community tokens in a hack attack over the weekend. While the total cost of the transferred tokens exceeded $6 million (roughly Rs. 47 crore), the hacker managed to take away $1.8 million (roughly Rs. 14 crore).

In August, Nomad, a cross-chain bridge lost $200 million (roughly Rs. 1,570 crore) in an exploit.

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Marking one of this year's largest DeFi attacks so far, around 8,000 crypto wallets on the Solana network were drained out of around $8 million (roughly Rs. 63 crore) earlier this month.

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Further reading: Cryptocurrency, Curve Finance, Hack, Crypto Hack

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More