- Binance security team has identified two suspects who may be accountable for the theft of $265,000 from KyberSwap.
- The information about the suspects has been shared with KyberSwap and the relevant law enforcement organizations.
- Binance has consistently assisted other attacked protocols in identifying the criminals.
The security team at the largest crypto exchange, Binance, has identified two suspects who may be accountable for the theft of $265,000 from decentralized exchange (DEX) protocol KyberSwap late last week.
Binance CEO Changpeng Zhao (CZ) announced the discovery on Twitter today, adding that the team has shared the information with KyberSwap and the relevant law enforcement organizations.
#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
The discovery comes barely two days after the security breach on the DEX. According to Kyber Network, a frontend security hole in the protocol on September 1 allowed hackers to steal consumers’ assets worth thousands of dollars. The attackers allegedly launched malicious code into the Google Tag Manager (GTM) for the protocol, which resulted in a bogus authorization that allowed them to transfer money to their wallets.
1/ ❗️Notice of Exploit of KyberSwap Frontend:
We identified and neutralized an exploit on the KyberSwap frontend. Affected users will be compensated. We have summarized the details in this thread⬇️
— Kyber Network (@KyberNetwork) September 1, 2022
The KyberSwap team said that the hackers covertly released the malicious software intended to target whale wallets on Polygon and Ethereum. However, the network noted that affected users would receive total compensation. The protocol also stated that if the stolen money were recovered, the exploiters would get a 15% bug bounty.
In the past, Binance has assisted other attacked protocols in identifying the criminals or recovering some stolen funds, like in the case of KyberSwap. In the exploit against the DeFi Last month, the exchange’s platform Curve Finance assisted in the recovery of $450,000, or about 83% of the stolen assets.
A Twitter user, TajoCrypto, commented, “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.”
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. There’s no other platform that has the will or the resources to help the crypto industry like Binance. Binance is doing well
— Tajo Crypto (@TajoCrypto) September 3, 2022
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
