Based on an independent investigation, Binance’s security team identified two suspects in the $265,000 KyberSwap heist.
Crypto exchange Binance has identified two suspects who appear to be the perpetrators of a $265,000 breach on the decentralized cryptocurrency exchange KyberSwap.
On September 1, Kyber Network fell victim to a frontend vulnerability, enabling the attacker to steal $265,000 in user cash from KyberSwap. KyberSwap awarded the hacker a 10% bounty, or around $40,000, as a sort of redress while investigations were ongoing.
In a related development, the security team at Binance identified two suspects who may have been involved in planning the virtual theft based on a separate investigation. The information had been submitted to the Kyber team, according to Changpeng ‘CZ’ Zhao, CEO of Binance.
As both sides try to corner the hackers, Binance has also started working with law enforcement.
As the largest cryptocurrency exchange by trading volume, Binance’s proactive and unselfish efforts to assist investors from other ecosystems weren’t ignored, as one of the community members noted:
“Binance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem.”
Investors in KyberSwap may witness a rare community-driven hack redemption if Binance’s inquiry is successful.
Recently, CZ took action in response to accusations and unfounded claims that Binance was a “criminal company” with a Chinese basis that “secretly [belongs] in the pocket of the Chinese government.”
He continued by describing his long-standing relationships with Chinese business associates and colleagues:
“The greatest challenge that Binance faces today is that we (and every other offshore exchange) have been designated a criminal entity in China. At the same time, our opposition in the west bends over backward to paint us as a ‘Chinese company.’”
CZ affirmed that Binance has never been lawfully incorporated in China and has never conducted business in a manner consistent with a Chinese organization.
