Based on an independent investigation, Binance’s security team has identified two suspects who may be responsible for orchestrating the $265,000 cyber heist on KyberSwap. Binance, which helped investigate a $265,000 hack on decentralized exchange KyberSwap, narrowed the lens of the attack to two suspects.
Binance identifies KyberSwap hack suspects
On September 1, Kyber Network just fell into a loophole that allowed the attacker to steal $265,000 worth of user funds from KyberSwap. While the investigations were ongoing, KyberSwap offered the hacker a 10% reward of approximately $40,000 to remedy the situation.
In parallel, based on an independent investigation, Binance’s security team identified two suspects who may be responsible for orchestrating the virtual heist. Binance CEO Changpeng ‘CZ’ Zhao confirmed that the intelligence was sent to the Kyber team.
#Binance security team has identified two suspects for yesterday's KyberSwap hack. We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement).
Stay #SAFU. https://t.co/tbQBGaGTNG
— CZ 🔶 Binance (@cz_binance) September 3, 2022
Binance has also begun coordinating with law enforcement due to continued efforts to corner hackers from both sides. As the largest crypto exchange in terms of trading volume, Binance’s proactive and devoted effort to help investors from other ecosystems went unnoticed, 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, securing the entire crypto ecosystem.
If Binance’s investigation is confirmed, KyberSwap investors could witness a rare community-led hack redemption.
CZ confirms Binance does not operate like Chinese companies
CZ recently retaliated with rumors and false claims that Binance is a China-based “criminal entity” that “secretly [belongs] into the pocket of the Chinese government.” Explaining his longstanding ties to Chinese entrepreneurs and colleagues, he added:
The biggest challenge Binance faces today is that we (and all other offshore exchanges) have been designated a criminal organization in China. At the same time, our opposition in the west is stepping back to portray us as a ‘Chinese company’.
CZ confirmed that Binance has never been legally incorporated in China and has never operated like a Chinese company culturally.
