While helping to investigate the hack of the $265,000 decentralized cryptocurrency exchange KyberSwap, cryptocurrency exchange Binance tracked down two suspects believed to be responsible for the attack.
On September 1, Kyber Network succumbed to a front-end vulnerability that allowed attackers to gain $265,000 in user funds from KyberSwap. While the investigation was ongoing, KyberSwap offered the hackers a 10% bounty (~$40,000) as a remedy.
Meanwhile, according to an independent investigation, Binance’s security team has identified two suspects who may be responsible for planning the virtual heist. Binance CEO Changpeng “CZ” Zhao confirmed that the information was sent to the Kyber team.
#binance The security team has identified two suspects in yesterday’s KyberSwap hack. We have provided the information to the Kyber team and are coordinating with LE (Law Enforcement).
— CZ Binance (@cz_binance) September 3, 2022
Binance has also started coordinating with law enforcement as both sides work to contain the hack.
As the largest cryptocurrency exchange by trading volume, Binance’s efforts as a community member actively and selflessly assisting investors in other ecosystems have not gone unnoticed. realize:
“Binance is now the big brother of the crypto world. Binance has gone above and beyond securing its platform to protect the entire crypto ecosystem.
If Binance’s investigation is correct, KyberSwap investors could witness a rare community takeover by hackers.
Related: Binance Freezes $1 Million in Business Accounts Due to Law Enforcement Request
CZ recently retaliated against rumors and false claims that Binance is a Chinese “criminal entity” that “secretly” [belongs] in the pockets of the Chinese government. “
Explaining his longstanding relationships with Chinese entrepreneurs and colleagues, he added:
“The biggest challenge for Binance today is that we (and all other offshore exchanges) are being branded as criminal entities in China. At the same time, our opposition in the West is backing down, portraying us as a ‘Chinese company’. “
CZ confirmed that Binance was never legally established in China and culturally operated as a Chinese company.