Binance recognizes KyberSwap hack accused, involves law enforcement
Based on an independent investigation, Binance’s security team has identified two suspects that may be responsible for arranging the virtual heist of $265,000 on KyberSwap.
Helping investigate a $ 265,000 hack on decentralized cryptocurrency exchange KyberSwap, cryptocurrency exchange Binance has tracked down two suspects believed to be responsible for the attack.
On September 1, Kyber Network succumbed to a front-end exploit that allowed the attacker to steal $265,000 in user funds from KyberSwap. While the investigation was ongoing, KyberSwap offered the hacker a 10% bounty, or approximately $40,000, to fix the situation.
Meanwhile, Binance’s security team, based on an independent investigation, has identified two suspects who may be responsible for orchestrating the virtual heist. Binance CEO Changpeng “CZ” Zhao confirmed that the information was sent to the Kyber team.
Binance has also begun coordinating with law enforcement as efforts from both ends continue to pin down hackers.
As the largest cryptocurrency exchange in terms of trading volume, Binance’s proactive and selfless effort to help investors from other ecosystems hasn’t gone unnoticed, as one community member noted:
Being the biggest crypto exchange in terms of trading volume, Binance’s proactive and selfless effort to help investors from other ecosystems didn’t go unnoticed, as one of the community members noted:
“Binance is now playing the role of a big brother in crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem.”
If Binance’s investigation is correct, KyberSwap investors may be witness to a rare community-driven hack redemption.
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.”
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.’”
