A forensic investigation into the KyberSwap hack has been initiated by Binance

By: Dickson Arinze

A forensic investigation into the KyberSwap hack has been initiated by Binance

September 4, 2022 4:23 AM

Binance's security has uncovered two individuals they believe are behind the $265,000 virtual heist on KyberSwap.


Crypto exchange Binance has helped investigate a $265,000 hack on decentralized cryptocurrency exchange KyberSwap by narrowing down two suspects.

 

On September 1st, an attacker used a frontend exploit to steal $265,000 from KyberSwap. The attack was aimed at the Kyber Network. While inquiries were being conducted, KyberSwap offered the hacker a 10% bounty, or about $40,000.

 

At the same time, a separate investigation led Binance's security team to two individuals they believe may have been behind the virtual heist. Changpeng 'CZ' Zhao, CEO of Binance, confirmed that the information was forwarded to the Kyber group.

 

 

As Binance and law enforcement continue to close in on the hackers, they have begun coordinating their efforts.

 

As the largest cryptocurrency exchange by trading volume, Binance's proactive and selfless effort to assist investors from other ecosystems was not lost on the community. a member tweeted:

 

"Binance has assumed the role of crypto industry big brother. To protect the entire cryptocurrency industry, Binance has done more than just secure its own platform."

 

KyberSwap investors might be witnessing a rare community-driven hack redemption if Binance's investigation proves accurate.

 

In a recent statement, CZ fired back at unfounded claims that Binance, a Chinese cryptocurrency exchange, was a "criminal entity" that "secretly [belongs] in the pocket of the Chinese government."

 

While discussing his longstanding relationships with Chinese businessmen and colleagues, he added:

 

"Binance's biggest problem right now is that the Chinese government has labeled it, along with all other offshore exchanges, as a criminal organization. Meanwhile, our rivals in the West go out of their way to label us a 'Chinese company.'"

 

CZ affirmed that Binance has never been legally incorporated in China and has never conducted business in a manner consistent with a Chinese organization.