Alchemix announced that all the stolen funds from Curve Finance were returned.
Curve Finance’s liquidity pool hack, which took place last week, caused panic among many users. However, although the hacker returned some of the funds, it was unclear what would happen next.
Alchemix made a statement about Curve Finance funds
Lending platform Alchemix announced that all funds stolen as a result of the attack by the Curve Finance hacker have been returned. The attack took place on July 30, and a total of over $61 million worth of cryptocurrencies were stolen from Alchemix’s alETH-ETH pool, including $13.6 million.
We are extremely happy to announce that all funds stolen by the hacker of the Alchemix @CurveFinance pool have now been returned.
Full post mortem coming.
— Alchemix (@AlchemixFi) August 5, 2023
Alchemix collaborated with JPEGd and Metronome to launch an initiative to return funds after the attack. During the return process, it was stated that the attacker accepted a bug bounty offer and started the return process. Curve, Metronome and Alchemix announced a joint initiative to recover stolen funds, offering 10 percent of the seized funds as a reward and urging to return the remaining 90 percent. With this bounty offer, $7 million was refunded, speeding up the attacker’s refund process.
The Alchemix team explained that the attacker stated that he was willing to return the funds to them and the Curve team, and that this was done because they did not want to ruin their project. It was stated that the attacker posted a message saying, “I’m paying back not because you can find me, but because I don’t want to ruin your project.”
Likewise, the JPEG protocol confirmed the return of funds stolen by the attacker and stated that they would not take legal action against the perpetrators as part of the bounty offer. The JPEG team described the incident as a “white hat recovery” and stated that they would end the investigations and withdraw from legal action.
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