Based on an independent investigation, the Binance security team has identified two suspects who may be responsible for orchestrating the $265,000 virtual heist on KyberSwap.
While investigating a $265,000 hack on decentralized crypto exchange KyberSwap, crypto exchange Binance narrowed down the suspects that appear to be responsible for the attack.
On Thursday, Kyber Network succumbed to a frontend exploit that allowed an attacker to steal $265,000 worth of user funds from KyberSwap. While the investigation was underway, KyberSwap offered the hacker a 10% reward — about $40,000 — to fix the situation.
In parallel, the Binance security team, based on an independent investigation, identified two suspects who may be responsible for organizing a virtual robbery. Binance CEO Changpeng “CZ” Zhao confirmed that the information has been sent to the Kyber team.
Binance has also begun coordinating with law enforcement as both sides continue their efforts to apprehend the hackers.
As the largest crypto exchange by trading volume, Binance’s active and dedicated efforts to help investors from other ecosystems have not gone unnoticed, as one community member noted:
“Binance is now playing the role of big brother in the crypto space. Binance has gone beyond protecting its platform and protecting the entire crypto ecosystem.”
If the Binance investigation turns out to be positive, KyberSwap investors could see a rare payback for a community-assisted hack.
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CZ recently defended itself against rumors and false accusations that Binance is a China-based “criminal organization” that “secretly [belongs] in the pocket of the Chinese government.”
Explaining his long association with Chinese entrepreneurs and colleagues, he added:
“The biggest problem Binance is facing today is that we (and every other offshore exchange) have been classified as a criminal organization in China. At the same time, our opposition in the West is going out of its way to present us as a “Chinese company”.
CZ confirmed that Binance has never been legally registered in China and has never operated culturally as a Chinese company.