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 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 reported that Binance “secretly pockets the Chinese government”. [ait] He retaliated against rumors and false allegations that he was a “criminal entity” based in China. 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.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.