Binance identifies KyberSwap hack suspects

Binance identifies KyberSwap hack suspects

Binance, the biggest cryptocurrency exchange based on volume, has identified two suspects who may have been involved in the recent KyberSwap exploit

On September 1, hackers injected a malicious code on KyberSwap’s frontend, allowing them to drain $265k from the protocol. Kyber Network was soon able to remove the code and reinstate its website. 

In an attempt to recover the funds, KyberSwap has offered a 10% bounty or approx $40,000 to the hackers. 

Meanwhile, Binance carried on with an independent investigation, and its security team has now got hold of two suspects, confirmed the company’s Changpeng ‘CZ’ Zhao on Twitter. 

The cryptocurrency exchange has passed the intel to Kyberswap and informed the law enforcement authorities. 

It’s likely that the hackers might have transferred the funds to Binance using some shady entrances. 

The recent ban on crypto mixers, including Tornado Cash, might be another reason for the difficulty in hiding trails. 

KyberSwap hasn’t posted anything yet on the intel. 

It’s not the first time Binance is trying to help out. It assisted in recovering some of the stolen funds from DeFi protocol Curve Finance. The exchange had said that the funds were sent to its accounts through various techniques, hoping to bypass the security. 

Binance’s proactive efforts haven’t gone unnoticed, as the community reacted positively. 

CZ recently said that Binance wasn’t legally registered in China and didn’t even have a Chinese culture after some critics claimed Binance was a Chinese-based “criminal entity.”

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About the Author
Himan Mohapatra
Himan Mohapatra
Himan Mohapatra is a crypto and NFT focused writer for Coinmash. He is passionate about finance and disruptive tech, such as blockchain. One can find him playing Valorant or FIFA when away from his desk.