Binance identifies KyberSwap hack suspects, involves law enforcement

Binance identifies KyberSwap hack suspects, involves law enforcement

Crypto exchange Binance helped to investigate the $265,000 attack on KyberSwap’s decentralized crypto exchange. It identified two suspects who may have been responsible.

Kyber Network was attacked by a frontend vulnerability on Sept. 1. The attacker stole $265,000 in user funds from KyberSwap. As a way to remedy the situation, KyberSwap offered a 10% bounty of approximately $40,000 to the hacker while investigations were ongoing.

A separate investigation by Binance’s security personnel revealed that two people were possibly involved in the virtual heist. Changpeng Zhao, Binance CEO, confirmed that the intel was sent to the Kyber team.

Two suspects were identified by the #Binance security group for yesterday’s KyberSwap attack. We have given the information to the Kyber team and are working with LE (law enforcement). Stay #SAFU. https://t.co/tbQBGaGTNG
CZ Binance (@cz_binance), September 3, 2022

Binance is also coordinating with law enforcement to stop hackers from getting away.

Binance is the largest crypto exchange by trading volume. As one community member pointed out, Binance’s proactive, selfless effort to assist investors from other ecosystems was not unnoticed.

Binance now plays the role of a big sister in the crypto space. Binance has done more than just secure its platform. They are now responsible for the security of the entire crypto ecosystem.

If Binance’s investigation is successful, KyberSwap investors could be witness to a rare community hack redemption.

Related: Binance freezes $1M corporate account in response to law enforcement request

CZ recently retaliated against false accusations and rumors that Binance was a Chinese “criminal entity” that “secretly [belongs] to the Chinese government.”

He explained his long-standing ties with Chinese entrepreneurs and colleagues.

Binance is facing the greatest challenge today because we (and all other offshore exchanges) have been made a criminal entity in China. Our opposition in the west is willing to portray us as a Chinese company.

CZ confirmed that Binance was not legally registered in China and has never operated culturally like a Chinese company.

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