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

article-image

ymcgraphic/Shutterstock modified by Blockworks

share

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..

Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (11).png

Research

Union’s technical design brings measured improvements to crosschain interoperability. By combining a consensus-verified hub with novel constructs like state lenses and ZK proofs for client updates, Union achieves an interoperability protocol that is highly performant, trust-minimized, and scalable.

article-image

Camp is looking to onboard licensors and creators to monetize their content for AI agents

article-image

The US regulator will use Nasdaq’s system to detect manipulation across derivatives and prediction markets

by Blockworks /
article-image

SOL and HYPE have rebounded, dYdX course corrects (again)

article-image

Over 100 crypto firms and advocates urge Congress to shield open-source builders and non-custodial providers

by Blockworks /
article-image

The probabilities app is finding mainstream success

article-image

A stock by any other name — even “token” — is still a security