The venture capital arm of crypto exchange Binance just announced that it is putting money into the native token of the decentralized finance (DeFi) platform Curve.
In a statement, Binance Labs says that its $5 million investment in the Curve DAO Token (CRV) signifies its commitment to join forces with the largest stableswap and second-largest decentralized exchange (DEX).
The announcement comes as the price of CRV dipped following a massive hack on the platform in late July. Says Binance Labs head Yi He,
“Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration. We view this cooperation as a starting point and look forward to working together to further propel the growth of the DeFi ecosystem.”
In late July, Curve suffered an exploit that siphoned around $73.5 million worth of crypto assets.
Blockchain security firm PeckShield notes that approximately $52.3 million worth of the stolen assets have since been returned, though the hacker claimed in an on-chain message that decision was not due to any fear of being discovered.
“I saw some ridiculous views, so I want to clarify that I’m refunding you not because you can find me, it’s because I don’t want to ruin your project, maybe it’s a lot of money for a lot of people, but not for me, I’m smarter than all of you…”
After the period for the voluntary return of the rest of the stolen funds lapsed, Curve announced that it would give a $1.85 million reward to anyone who can provide information about the hacker that can lead to a conviction.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
