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

August 10, 2023 12:59 pm

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.

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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.

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.

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