Binance Helps Narrow Down Two Suspects of Kyberswap Exploit
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- Intel had been sent to the Kyber team, as confirmed by CZ.
- Kyberswap announced a 10 percent reward to hackers.
Crypto exchange Binance has helped investigate the $265,000 breach of decentralized cryptocurrency exchange KyberSwap by clearing two suspects.
On September 1, an attacker used a user interface flaw in Kyber Network to steal $265,000 from KyberSwap. In addition, the exchange announced a reward for the hacker, a 10% reward, or about $40,000, while investigations were underway.
Meanwhile, a separate investigation led Binance’s security team to identify two individuals they believe were behind the planning and execution of the virtual heist. Intel had been sent to the Kyber team, as confirmed by Binance CEO Changpeng Zhao (CZ).
While Binance and law enforcement are still close to the hackers, they have begun to coordinate their activities. Additionally, if Binance’s findings are correct, KyberSwap investors may see a unique community-driven hack redeemed.
Before the Kyber team could stop the attack, the perpetrators had acquired approximately $265,000 worth of cryptocurrencies. Unlike other DeFi protocols that have been exploited in the past year, Kyber’s smart contracts did not contain a flaw. The user interface itself was where the faulty code was found.
Recently, CZ dismissed malicious speculation and unsubstantiated claims that Binance is a Chinese “criminal entity” that “secretly” [belongs] In the pocket of the Chinese government.”
“The biggest challenge facing Binance today is that we (and all other offshore exchanges) have been named as a criminal entity in China. At the same time, our opposition in the West is bending over backwards to paint us as a ‘Chinese company.’
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