Top Crypto Exchange Binance Sinks $5,000,000 Into Curve (CRV) Following Massive Hack on the DeFi Platform

The venture capital arm of crypto exchange Binance just announced that it is putting money into the native token of the decentralized finance (DeFi) platform Curve.

In a statement, Binance Labs says that its $5 million investment in the Curve DAO Token (CRV) signifies its commitment to join forces with the largest stableswap and second-largest decentralized exchange (DEX).

The announcement comes as the price of CRV dipped following a massive hack on the platform in late July. Says Binance Labs head Yi He,

“Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem.” 

In late July, Curve suffered an exploit that siphoned around $73.5 million worth of crypto assets.

Blockchain security firm PeckShield notes that approximately $52.3 million worth of the stolen assets have since been returned, though the hacker claimed in an on-chain message that decision was not due to any fear of being discovered.

“I saw some ridiculous views, so I want to clarify that I’m refunding you not because you can find me, it’s because I don’t want to ruin your project, maybe it’s a lot of money for a lot of people, but not for me, I’m smarter than all of you…”

After the period for the voluntary return of the rest of the stolen funds lapsed, Curve announced that it would give a $1.85 million reward to anyone who can provide information about the hacker that can lead to a conviction.

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