•Binance has announced a $5 million investment in the Curve DAO Token (CRV).
•The investment follows a security breach which resulted in the theft of $73.5 million worth of crypto assets from the Curve platform.
•Binance Labs head Yi He believes that this is only the start of collaboration between them and Curve to further propel the growth of the DeFi ecosystem.
Binance Invests in Curve
Crypto exchange Binance has announced an investment of $5 million into the native token of decentralized finance (DeFi) platform, Curve. The venture capital arm of Binance, Binance Labs, made this move as a show of support for Curve following a massive hack on their platform.
Details on Hack
In late July, around $73.5 million worth of crypto assets were stolen from Curve due to an exploit. Blockchain security firm PeckShield notes that approximately $52.3 million has since been returned with no fear of being discovered by authorities as stated by the hacker in an on-chain message. As such, Curve offered a reward for any information leading to conviction amounting to $1.85 million but so far, nothing has come up yet.
Yi He’s Statement
Yi He, Head of Binance Labs expressed their commitment towards supporting and driving growth in DeFi through this collaboration with Curve: “Given the recent events that have impacted the protocol, Binance Labs has offered our full support to Curve through our investment and strategic collaboration”
Aim of Investment
The aim behind investing in CRV is not only to show support for curve but also for both organizations to join forces and further propel the growth of DeFi ecosystems across industries worldwide.
Conclusion
It remains unclear whether or not any convictions will be made surrounding this incident however it’s clear that Binance Lab’s investment into CRV is indicative if its commitment towards supporting DeFI projects going forward