Curve Finance site was hacked on Tuesday, which resulted in the theft of over USD 573,000.
Hacking attacks are becoming too frequent and profound. And they don’t seem to be stopping anytime soon.
Curve Finance is a decentralized exchange for trading cryptocurrency that focuses on efficient stablecoin trading. It is an automated market maker (AMM) that maintains low fees and slippage through liquidity pools.
On Tuesday, Curve Finance took to Twitter to warn users of an exploit on its site.
According to reports, hackers used a compromised Curve website or domain name to drive unintentional users or their purchases to a harmful location.
The thieves made off with $570,000 in ETH, which they sent to the FixedFloat cryptocurrency exchange to allegedly launder the money, claims Web3 on-chain detective Zachxbt.
But the team moved fast to solve the problem. After issuing the original warning, Curve announced that it had discovered and fixed the problem and advised customers to “immediately” withdraw any contracts they had just approved.
FixedFloat Tweeted, “Our security department has frozen part of the funds in 112 ETH. In order for our security department to be able to sort out what happened as soon as possible, please email us: [email protected].”
However, after a few hours of the hack, Curve finance notified via Twitter that the issue has been resolved.
“The issue has been found and reverted. If you have approved any contracts on Curve in the past few hours, please revoke immediately.” Curve Twitter.
