cryptocurrency

Binance helps narrow down two suspects in the Kyberswap Exploit program

  • Intel has been sent to the Kyber team as confirmed by CZ.
  • Kyberswap announced a reward of 10% to the hacker.

Crypto exchange Binance helped investigate a $265,000 hack into a decentralized cryptocurrency exchange KyberSwap By narrowing down the two suspects.

On September 1, an attacker used a front-end vulnerability in the Kyber network to steal $265,000 from KyberSwap. Furthermore, the exchange announced that it was giving the hacker a 10% bonus, or about $40,000, while investigations were ongoing.

Meanwhile, a separate investigation led to Binance’s security team identifying two people they believe were behind the planning and execution of the virtual theft. Intel sent to the Kyber team, as verified by Binance CEO Changpeng Zhao (Czechoslovakia).

As Binance and law enforcement continue to get close to the hackers, they have begun coordinating their own operations. Moreover, if Binance’s results hold, KyberSwap investors may see a unique community-driven hack recovery.

Before the Kyber team could put an end to the attack, the perpetrators had stolen nearly $265,000 worth of cryptocurrency. Unlike other DeFi protocols that have been exploited in the past year, Kyber smart contracts have not contained the flaw. The interface itself was where the faulty code was caught.

Recently, CZ has fought off malicious speculation and baseless claims that Binance was a “Chinese criminal entity.” [belongs] in the pocket of the Chinese government.”

CZ further added:

“The biggest challenge facing Binance today is that we (and every other offshore exchange) have been identified as a criminal entity in China. At the same time, our opposition in the West is bending backwards to portray us as a “Chinese company.”

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KyberSwap hit by Frontend Exploit and lost over $265,000

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