- The Curved Finance hack created a lot of damage to the decentralized finance protocol. In fact, the protocol/ exchange had damages worth millions of dollars.
- However, Binance Labs looks to extend its cordiality to Curved Finance with massive funding. Binance wants to invest more than $5 million into the project.
Curved Finance is a growing DeFi protocol that looks like it has a lot of potential. It does have a lot of potential as many crypto enthusiasts use them to conduct a wide range of services. However, they suffered a hack which set them back on many things. The amount of money they lost in the hack reached a whopping $70 million. Binance Labs, the crypto exchange’s venture capitalist and incubator arm, plans to invest $5 million in CRV, Curve DAO’s token. Apparently, this investment will be part of the Curved Finance revival.
Curved Finance Receives $5 Million
Binance Labs, the crypto exchange’s venture capitalist and incubator arm, wants to spend a whopping $5 million into the native token of Curved Finance. Apparently, this deal will open a lot of opportunities for the project. In fact, many of the supporters of the DeFi protocol are happy with the news.
The new deal with Binance is not only for the native token but the DeFi protocol will have more options to explore. Furthermore, Binance wants to deploy the CRV token on the Binance Smart Chain (BNB Chain). Apparently, this is quite huge for CRV, as it means more traders will have access to it.
An Act of Support
It looks like Binance wants to act as the big brother of crypto companies. Moreover, the fact remains that Curved Finance is the second largest DeFi exchange in the world, with $2.4 billion in total value locked (TVL) per DeFiLlama. Even more, this DeFi exchange is the largest exchange for stablecoin swapping. So the hack in their protocol affected them to the core.
According to the Co-Founder of Binance and Head of Binance Labs Yi He, the new development from Binance is an act of support. Binance Labs acknowledged Curved Finance’s condition as delicate. Hence, they want to help them stand up on their feet. Moreover, a massive brand like Binance coming to your rescue is an incredible record.
More Details About the Curved Finance Hack
The hack on Curved Finance was something that many crypto enthusiasts didn’t expect. Nevertheless, it did happen, affecting the crypto protocol. Apparently, the hacker accessed some critical resources and permissions and used them against the CRV ecosystem. More than 70 million dollars went down the drain.
However, the protocol told the hacker to return about 90% of the stolen funds and keep 10%. Fortunately for Curved Finance, the hacker did return some of the money. Although it is not yet complete, the hunt is still on for the hacker.
Wrapping up, Binance didn’t send a sign of support to Curved Finance using words. The world’s biggest exchange spent a total of $5 million as a sign of support for the DeFi protocol. With the new investments, the DeFi protocol might recover.
