Binance identifies KyberSwap hack suspects | The Financial Express

Binance identifies KyberSwap hack suspects

KyberSwap awarded the hacker a 10% bounty, or around $40,000, as a sort of redress during ongoing investigations.

Binance identifies KyberSwap hack suspects
KyberSwap awarded the hacker a 10% bounty, or around $40,000, as a sort of redress during ongoing investigations.

Crypto exchange Binance has identified two suspects who appear to be the perpetrators of a $265,000 breach on decentralised cryptocurrency exchange KyberSwap, as reported by Cointelegraph.

On September 1, Kyber Network fell victim to a frontend vulnerability, enabling the attacker to steal $265,000 in user cash from KyberSwap. KyberSwap awarded the hacker a 10% bounty, or around $40,000, as a sort of redress during ongoing investigations.

In a related development, the security team at Binance identified two suspects who may have been involved in planning the virtual theft based on a separate study. The information had been submitted to the Kyber team, according to Changpeng ‘CZ’ Zhao, CEO of Binance. As both sides try to corner the hackers, Binance has also started working with law enforcement, Cointelegraph noted.

As the largest cryptocurrency exchange by trading volume, Binance’s proactive and unselfish efforts to assist investors from other ecosystems weren’t ignored, as one of the community members noted, “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.”

CZ affirmed that Binance has never been lawfully incorporated in China and has never conducted business in a manner consistent with a Chinese organisation, Cointelegraph. 

(With insights from Cointelegraph)

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