JPEG’d Verifies Triumphant Return Of 5,495 ETH Following Curve Hack Incident
The hacker stole about $70 million ETH from Curve Finance by draining several pools but gradually redistributing money to numerous enterprises.
The Curve Finance hacker returned 5,495 Ether (ETH)tickers down$1,829, worth around $10 million at the current exchange rates, according to the Nonfungible Token Finance (NFT-Fi) protocol JPEG’d.
The hacker received a reward of 610.6 ETH ($1.1 million) in exchange for returning the money taken on July 30.
Users can borrow money via JPEG’d, a decentralized lending protocol, in exchange for their collateralized NFTs. The protocol lost cryptocurrency valued at $11.6 million due to Curve Finance’s significant attack.
The team announced that the money had been transferred back to the JPEG-encrypted decentralized autonomous organization multi-sig wallet address in a thread on X (Twitter) on August 4.
“Any further investigations or legal matters against the entity will end. We view this occurrence as a white-hat rescue,” the JPEG’d team stated.
After multiple liquidity pools on Curve Finance were depleted in late July, the decentralized finance (DeFi) ecosystem suffered a severe blow.
These specific pools were programmed with the Vyper intelligent contract programming language, which had a security flaw that the hacker could exploit. The entire value of the lost cryptocurrency was estimated to be over $70 million.
Affected projects included JPEG’d, the artificial protocol Metronome, the decentralized exchange Ellipsis, the lending platform Alchemix, the decentralized exchange Ellipsis, and the decentralized exchange Ellipsis. Curve Finance also lost over $22 million in Curve DAO (CRV) tokens.
In a joint announcement on August 3, Curve, Metronome, and Alchemix promised the hacker a 10% bounty and no legal repercussions in exchange for returning the other 90% of the funds.
The hacker appeared to accept the arrangement in less than 24 hours and has since begun gradually remitting the monies taken to the numerous projects.
Aside from JPEG’d, they have given the Alchemix Finance team 4,820.55 Alchemix ETH (alETH), equivalent to about $8.8 million, and the Curve Finance team 1 ETH ($1,829).
