Binance Labs to make $5M investment in CRV following July hack

Curve founder Michael Egorov has recently made over-the-counter transactions with people such as Justin Sun


ymcgraphic/Shutterstock modified by Blockworks


Binance Labs announced that it will invest $5 million in Curve’s DAO token CRV. Curve will also explore deployment to BNB chain as part of the announcement. 

Binance Labs is the venture capital arm of Binance

“Curve is the largest stableswap, and as a key protocol in DeFi it has contributed to the steady growth of the space in 2023. Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration,” Yi He, head of Binance Labs, said in a statement.

No timeline was given on a possible deployment to BNB chain, however. 

Curve founder Michael Egorov said, “BNB Chain has earned a significant presence in DeFi, and is well positioned to deploy Curve’s current and future products on its chain.”

Curve suffered a hack of over $70 million at the end of July, with multiple attacks draining various pools including Pendle’s pETH-ETH, Alchemix’s alETH-ETH, and CRV/ETH. A software exploit was at fault for the exploit.

On Aug. 1, Egorov turned to Tron founder Justin Sun and tech entrepreneur Jeffrey Huang for liquidity, making a series of over-the-counter (OTC) transactions. 

Binance Labs did not immediately return a request for comment asking to clarify if this deal was part of the recent OTC transactions made by Egorov.

Read more: As Curve’s crisis fades into the rearview, what’s next for DeFi?

Following the attack, Curve Finance offered a hefty bounty — worth roughly $1.85 million — to identify who exploited the protocol. 

“If the exploiter chooses to return the funds in full, we will not pursue this further,” the team behind the DeFi protocol said on Aug. 6.

Since then, Curve was able to recoup a large portion of the funds through white hat hackers, according to PeckShield.

Loading Tweet..

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


Vance, an Ohio Republican, is largely seen as crypto-friendly


Plus, all the world is green as prices across the crypto space rally, with solana reaching a nearly two-week high


Investors add to crypto positions after “turnaround in sentiment due to lower-than-expected CPI,” CoinShares research head says


Plus, Ethereum is in the midst of a vibecession


Also, former Valkyrie CEO lands new leadership role at Canadian investment firm Cypherpunk Holdings


This week’s biggest funding round saw Jump Trading, JPMorgan contribute to the round