Curve Finance hacker agrees to a deal

By Stormgain | Stormgain | 8 Aug 2023


Last week, we covered the hack of the Curve decentralised exchange and the risk that put the entire DeFi sector in due to cross-lending. For a quick resolution, the hacker was offered a 10% reward and a waiver of legal claims for returning the stolen $70 million by 6 August. Otherwise, the Curve team promised this amount as a reward to others for identifying the hacker.

One of the Curve pools affected by the hack, the JPEG'd project, has already confirmed the return of the stolen 5494.4 WETH (~$10 million). JPEG'd said it considers the event to be a resolution and is ending its search for the hacker. The project is providing a reward of 610.6 WETH (~$1.1 million).

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The Alchemix project, which lost $13.6 million due to the attack, is also reporting the full return of funds.

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On the back of positive conflict resolution, the crvUSD stablecoin has returned to parity with USDT, with the DeFi sector seeing blockchain coins rise 2% to $40.9 billion. The AAVE token recovers as the risk of liquidating the credit position of Curve CEO Michael Egorov, who borrowed $63 million worth of stablecoins from AAVE under CRV, fades away.

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Traders who were expecting a Curve rout are pulling back as the funding rate has returned to neutral. This indicates that there's no longer a dominance of sellers in futures contract trading.

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Unfortunately, not all crypto hacking stories have a happy ending.

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According to Certik, there were $313.6 million in thefts in Q2 2023 alone. Less than half of those funds were returned, with most cases remaining unsolved.


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StormGain is a crypto trading platform for everyone. It’s a convenient solution for those who want to profit from either the growth or decline of the cryptocurrency market and from long-term investments in crypto assets. Available on any device, StormGain allows you to start trading the most popular and most capitalised coins with a multiplier of up to 200x, or you can just buy and hodl crypto.

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