Binance Captures Stolen Funds From Curve Exploit
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CZ explained that about $450K, which constituted 83% of the loot, was frozen after the hacker transferred the funds to the exchange. The Binance chief further mentioned that his platform was working towards getting the funds back to the victims. However, when this would happen remains unknown.
A front-end exploit emanating from a DNS problem was revealed on Curve Finance on August 5, with the Curve team believing the site’s nameserver was compromised due to a bug. CZ also announced on Twitter that a malicious contract had been posted on Curve’s front page by a hacker, which would drain the victim’s wallet on approval.
Statistics from on-chain analytics provider Chainalysis show that breaches on these cross-chain bridges have caused the biggest drawdown on users since the start of the year, with the largest cyber security threat being a record $610 million from the Ronin network. The analytics platform detailed:
“Chainalysis estimates that $2 billion in cryptocurrency has been stolen across 13 separate cross-chain bridge hacks, the majority of which was stolen this year. Attacks on bridges account for 69% of total funds stolen in 2022 so far.”
Key Binance Coin Levels to Watch — August 12
Binance Coin (BNB) held on to its bullish bias on Friday after dropping from the $335 area yesterday. The smart chain cryptocurrency slowed its descent at the $320 low, where my multi-month tripwire coasts and has since bounced off the line.
We could see a bullish continuation over the weekend, with BNB breaking the $340 line for the first time since early May as the cryptocurrency industry continues to lean towards ending the ongoing bear cycle. At the same time, we could see a quiet tone over the weekend, as has been commonplace in the last few weekends. Either way, I do not see a bearish sentiment taking precedence this weekend.
Meanwhile, my resistance levels are $340, $350, and $360, and my support levels are $320, $310, and $300.
Total Market Capitalization: $1.19 trillion
Binance Coin Market Capitalization: $52.5 billion
Binance Coin Dominance: 4.5 %
Market Rank: #5
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