CryptoSlate11 minutes ago

Published on August 11, 2023 02:00 GMT+00:00edited on August 11, 2023 02:04 GMT+00:00

Binance Labs said on Aug. 10 that it has invested $5 million in Curve DAO Token (CRV) in an attempt to bolster the DeFi platform following an attack.

Yi He, Co-Founder of Binance and Head of Binance Labs, said:

“Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration.”

Though Binance Labs did not specifically name the events mentioned above, its description implicitly refers to a recent attack on Curve Finance. That incident took place on July 30 and resulted in the theft of at least $60 million. Curve Finance regained some of those funds starting on Aug. 5 after it offered a reward bounty to the attacker. As of Aug. 7, the platform had recovered 73% of its stolen funds.

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