HomeNEWSBinance identifies suspected hackers of KyberSwap

Binance identifies suspected hackers of KyberSwap


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Leading crypto exchange, Binance has identified two individuals who allegedly perpetrated the exploitation of the decentralized crypto exchange KyberSwap. Binance and its CEO, Changpeng Zhao, confirmed the development in separate Twitter posts on Saturday. According to Zhao, Binance has sent the intelligence to KyberSwap for appropriate actions.

Recall that KyberSwap joined the increasing list of decentralized projects inflicted by exploitation on September 1. Notably, the exploiters compromised the network to steal over $265,000 worth of user funds. Shortly after the news of the exploitation dominated the airspace, KyberSwap promised to investigate it. Additionally, the protocol tabled a 10% bounty, amounting to about $40,000 to the hacker. This, as reported, was done as means to remediate the situation.

Binance, in a bid to assist Kyberswap, carried out an independent investigation. Afterward, the exchange identified two suspects in connection to the crime. Also, Binance said it has involved law enforcement in a bid to fully tame the suspects.

Binance and its moves to battle exploitation in crypto sphere

Over time, Binance and its CEO have been notable in their battle against the numerous exploitations ravaging the crypto sphere. In August, the exchange recovered over 80% of the funds stolen from Curve Finance by exploiters. According to Zhao, Binance aided the recovery of over $450,000 of the funds.

As reported, the then exploitation of Curve Finance resulted in the loss of over $570,000. As reported, the suspected hacker compromised the domain name system entry belonging to the protocol. Afterward, the hacker relayed fake clones to unsuspecting users to secure their approvals of malicious contracts. Later, the Curve Finance team, identified the architect of the exploitation and urged all users who approved any contracts on Curve to revoke immediately. Additionally, the protocol directed its users to use curve.exchange till the issue becomes fully resolved.

As reported, Zhao was the first to alert the community about the exploitation on the protocol. He admonished all other CEOs to join hands in reducing the menace of exploitation in the industry. Apart from Curve Finance, Zhao, through Binance, in March, halted some of its operations to effectively track the masterminds of the Ronin security breach. This, however, proves the commitment of the exchange and its CEO in battling crypto exploitations.

However, the latest development by Binance comes a day after Zhao debunked allegations that Binance manifested as a Chinese-based “criminal entity.” The CEO said CZ confirmed that Binance “has never been legally incorporated in China and never operated like a Chinese company culturally either.”

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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