Binance CEO Changpeng Zhao has made another giant stride after recovering about 83% of funds hackers stole from Curve Finance. The CEO made the revelation today via a Tweet on his account, stating how he has helped Curve Finance recover $450,000 of the stolen funds.
After the attack manifested earlier this week, the hackers, via numerous means, sent the funds to Binance. Since the attack, Binance and Changpeng Zhao have been active in monitoring the issue. The cryptocurrency exchange monitored the funds and froze them once they got into the confinement of Binance. Now, the cryptocurrency exchange is working on how to refund the recovered loot from affected users.
Further, aside from the attempt to recover the stolen funds, Binance and Changpeng Zhao played a significant role since the inception of the hack. Recall that the CEO of Binance, Changpeng Zhao, reported the hack first. Then, the CEO took to his twitter page that hackers had drained about $570k from Curve Finance after carrying out a DNS attack.
How Binance CEO Changpeng Zhao Keeps Gaining Positive Recognition Within Cryptocurrency Space
Lately, Binance CEO Changpeng Zhao is gradually increasing in positive popularity among cryptocurrency enthusiasts. Aside from Binance’s refusal to lay off some part of its staff due to the market situation, the CEO has been a strong advocate for the advancement of the cryptocurrency space.
Remarkably, Changpeng Zhao has devised a means of building cordial relationships with regulators. According to the CEO, that’s one of the prominent ways to attract fair regulation for the industry. Aside from that, Binance has been a strong advocate for the expansion of the cryptocurrency industry. The firm has gained license to commence operations across different countries and regions.
How Hackers Keep Terrorizing Cryptocurrency Firms
Hackers have now become a terrorizing group in the cryptocurrency space, and their activity has grown remarkable this year. Since the start of the year, hackers have stolen about $1.4 billion via cross-chain bridges alone. Furthermore, this figure represents about 69% of funds looted in the cryptocurrency space within the year.
Meanwhile, the $615 million attack on Ronin Network is the single-largest attack. The Ronin Network is a bridge that supports the play-to-earn NFTs game Axie Infinity. Within that period, Binance CEO Changpeng Zhao offered help to recover a part of the stolen funds.
Also, hackers stole about $320 million from Wormhole, another cryptocurrency bridge supported by Wall street trading firm Jumping Trading. Around June, hackers exploited Harmony’s Horizon Bridge, looting about $100 million. Recently, Nomad suffered an attack that claimed about $200 million for its bridge.
However, these reports about hacks are heartbreaking due to the damages they inflict on investors and firms. Still, it underlines how hackers are now relentless towards the course of exploiting cryptocurrency bridges. Coupled with the harsh market situation and struggles of notable firms, 2022 must be a year to forget for investors and firms who have felt the negative impact of these circumstances.
Read More