Binance’s Security Team Uncovers 2 KyberSwap Hackers
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Crypto Exchange Binance has unearthed the two suspects behind the hackers’ $265,000 heist from decentralized exchange KyberSwap. Kyber Network, an index built on the liquidity protocol, fell victim to an exploit on the user interface on September 1.
After noticing “the suspicious element protocol reportedly shut down its interface on September 1st at 8:24 UTC. It then detected “malicious code” in its Google Tag Manager that targeted “whale wallets with large amounts of money”. The hacker transfers funds to different addresses.
“The attack was identified and stopped after two hours of investigation,” Kyber Network tweeted. “This attack was an exploit of FE and has no smart contract vulnerability.”
On the same day, the protocol released a message updating users that it will replace all missing funds related to the exploit, and also sent a message to the attacker that it had identified its address and all suspected interactions.
It then asked the hacker to contact them and offered a 15% bug bounty of around $40,000.
Binance also launched its own separate investigation and identified two suspects responsible for the online heist. CEO Changpeng Zhao, aka CZ, announced that the information had been sent to the Kyber team.
It also coordinates activities with law enforcement authorities.
Community members praise Binance’s performance
One community member praised Binance’s proactive actions and compared the platform’s actions to the role of a big brother.
Binance is now playing the role of big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem. No other platform has the drive or resources to help the crypto industry like Binance. Binance is doing well.
The largest crypto exchange by trading volume has recently helped Curve Finance users by recovering approximately $450,000 worth of stolen crypto assets. The funds represent approximately 83% of the total amount stolen from users.
Sharing the update, also CZ considered that the Curve Finance hacker transferred the stolen cache to Binance using various techniques to evade the security of the exchange. However, the company recognized the transactions and froze the assets.