The venture capital arm of crypto exchange Binance has just announced that it is putting money into the native token of the decentralized finance (DeFi) platform Curve.
In a statement, Binance Labs said its $5 million investment in the Curve DAO Token (CRV) signifies its commitment to join forces with the largest stable swap and second largest decentralized exchange (DEX).
The announcement comes as CRV’s price plummeted after a massive hack on the platform in late July. Says Yi He, head of Binance Labs,
“Given the recent events impacting the protocol, Binance Labs has offered our full support to Curve through our investments and strategic partnership. We see this partnership as a starting point and look forward to working together to further drive the growth of the DeFi ecosystem.”
In late July, Curve suffered an exploit that involved the transfer of approximately $73.5 million worth of crypto assets.
Blockchain security firm PeckShield notes that about $52.3 million in stolen assets have been stolen since then returnedthough the hacker claimed in an on-chain message that the decision was not due to any fear of being discovered.
“I’ve seen some ridiculous views, so I want to clarify that I’m not refunding you because you can find me, but because I don’t want to ruin your project, maybe it’s a lot of money for many people, but not for me, I’m smarter then all of you…”
After the period for the voluntary return of the rest of the stolen money expired, Curve announced it would give a $1.85 million reward to anyone who can provide information about the hacker that could lead to a conviction.
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