, the largest U.S. exchange – is sitting on a roughly $1 million profit tied to the incident, according to market participants and observers. It hasn't surrendered this inadvertent windfall to victims. And, to be clear, it's currently not obligated to.When $73 million worth of assets were stolen from Curve, the platform’s asset-pricing system was briefly thrown out of whack.
Alchemix, which argues Coinbase is keeping stolen money, says Coinbase representatives have told it there’s no legal requirement for it to reimburse anyone. Some $735 million worth of digital assets have been stolen in hacks this year, according to DefiLlama; The ubiquity of crypto exploits – and the difficulty of recovering funds after they occur – is frequently cited as a key deterrent for would-be users of the technology.
One of the pools drained in the attack contained ether and alETH, an ether derivative issued by Alchemix, a DeFi lending platform. Before the attack, the pool held 7,259 ETH and 4,822 alETH, Alchemix said. Then, the exploiter drained the majority of the tokens, leaving only 1 ETH and 3,856 alETH. This controversial practice of strategically ordering blockchain transactions to profit off of spur-of-the-moment trading opportunities is called maximal extractable value . The alETH arbitrage fee marked the second-highest MEV payout for a single transaction in theFollowing a public bounty and an ultimatum, the Curve exploiter returned all $22 million worth of stolen ETH and alETH to Alchemix.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
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