Mathisen Marketing

Your Marketing Blog

Binance Pinpoints Two Suspects in the KyberSwap Exploit

Binance Pinpoints Two Suspects in the KyberSwap Exploit

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

The Binance security team is working with law enforcement to track the culprits.

The large crypto exchange Binance has identified two suspicious addresses in the user interface of the kyberSwap network suffered on Thursday.

On the first day of this month at around 15:00 the Kyber team noticed some unusual activity on its front end. Further investigation revealed that it was malicious code in the decentralized exchange Google Tag Manager (GTM). Bad Actors had used this to hack into the platform, accessing two credential accounts and stealing over $260,000. The Kyber team reported the exploit on Twitter and promised to replace the affected wallets. As part of its mitigation efforts, KyberSwap also offered hackers a 10 percent reward for the stolen funds if they return them.

Two hours after the hack, Kyber had cleared its system of the malicious code and encouraged its users to proceed with transactions with caution. The platform alerted other DEXEs to examine their front-end code and merge GTMs in case the attack was widespread.

Binance is here to help again

However, Binance CEO Changpeng Zhao, tweeted on September 3 that Binance’s security team had found suspects in the Cyberswap crime. He further reiterated that the Binance platform had forwarded the necessary information to the relevant DEX.

A major exchange had launched a private investigation when the abuse came to light, and they identified the suspects. Zhao also announced that Binance is working with law enforcement to corner the culprits.

Enthusiastic Users Call Binance “Crypto’s Big Brother”

This is not the first time that Binance has helped identify suspicious transactions, saving the decentralized exchange from major losses. Just last month, the exchange helped recover some stolen funds in the Curve Finance saga. Bad Actors had made a dubious deal on the Curve platform and saved almost $600,000. Binance was able to identify the hackers’ attempts to transfer the funds, freeze them and eventually recover about 80% ($450,000).

Several enthusiasts have praised Binance’s selfless approach to security issues, calling the platform’s operation “big brother.” According to the user TwitterBinance has moved from just protecting itself to taking care of most of the crypto ecosystem.

However, the CEO of the exchange, CZ, tweeted that it only wanted to help where it could, and not become the “big brother” of crypto. The tweet also mentioned that crypto doesn’t need a big brother.

Despite CZ’s understatement, Binance’s influence in the crypto community cannot be understated. Just recently, Binance announced that it might support a possible ETHPoW fork, much to the delight of ETHPoW backers.

Stay up to date with our latest articles



Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published.

Latest Posts

  • Aleo Private Blockchain Network Secures $200M Series B Fund

    Aleo Private Blockchain Network Secures $200M Series B Fund

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Aleo, a fully private blockchain development platform, has raised Series B funding, raising the company’s valuation to $1.45 billion. Based on a report by BusinessWireprivacy-based DeFi platform Aleo will use the investment to increase its workforce, help develop the platform […]

    Read More

  • Man Utd Legends to Launch DAO with Soccer Investments

    Man Utd Legends to Launch DAO with Soccer Investments

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Ex-Man Utd players Gary Neville, Paul Scholes and Ryan Giggs, in partnership with Singaporean billionaire Peter Lim, are establishing their own decentralized autonomous organization to invest in football projects. Several football teams and players have shown interest in the blockchain […]

    Read More

  • Man Utd Legends to Launch DAO with Soccer Investments

    Man Utd Legends to Launch DAO with Soccer Investments

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Ex-Man Utd players Gary Neville, Paul Scholes and Ryan Giggs, in partnership with Singaporean billionaire Peter Lim, are establishing their own decentralized autonomous organization to invest in football projects. Several football teams and players have shown interest in the blockchain […]

    Read More