Based on an independent investigation, Binances security team identified two suspects that may be responsible for orchestrating the virtual heist of $265,000 on KyberSwap. 1329 Total views 17 Total shares Listen to article 0:00 News Helping investigate a $265,000 hack on decentralized crypto exchange KyberSwap, crypto exchange Binance narrowed down two suspects that seem responsible for the attack.
On Sept. 1, Kyber Network succumbed to a frontend exploit, allowing the attacker to make away with $265,000 worth of user funds from KyberSwap. While investigations were underway, KyberSwap offered a 10% bounty of roughly $40,000 to the hacker as means to remediate the situation.
Parallelly, based on an independent investigation, Binances security team identified two suspects that may be responsible for orchestrating the virtual heist. Binance CEO Changpeng CZ Zhao confirmed that the intel had been sent to the Kyber team.
#Binance security team has identified two suspects for yesterday’s KyberSwap hack. We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement).
Stay #SAFU. https://t.co/tbQBGaGTNG CZ Binance (@cz_binance) September 3, 2022
Binance has also begun coordinating with law enforcement as efforts from both ends continue to corner the hackers.
Being the biggest crypto exchange in terms of trading volume, Binances proactive and selfless effort to help investors from other ecosystems didn’t go unnoticed, as one of the community members pointed out:Binance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem.
If Binances investigation checks out, KyberSwap investors may be witness to a rare community-driven hack redemption.
Related: Binance froze $1M corporate account due to law enforcement request
CZ recently retaliated against rumors and false allegations that Binance was a Chinese-based criminal entity that secretly [belongs] in the pocket of the Chinese government.
While explaining his long-time ties to Chinese entrepreneurs and colleagues, he added: The greatest challenge that Binance faces today is that we (and every other offshore exchange) have been designated a criminal entity in China. At the same time, our opposition in the west bends over backward to paint us as a Chinese company.
CZ confirmed that Binance has never been legally incorporated in China and never operated like a Chinese company culturally either. #Blockchain #Altcoin #Law #Hackers #Binance #Hacks #Regulation #Investigation #DeFi Related News The biggest crypto heists of all time NFTs and intellectual property, explained Blockchain firms fund university research hubs to advance growth NFT Steez and Lukso co-founder explore the implications of digital self-sovereignty in Web3 Solana-hacked crypto could be claimed as a tax loss: Experts Velodrome recovers $350K stolen funds from team member Gabagool
