HomeNEWSKyberSwap issues warning to hacker, sets 15% redemption bounty

KyberSwap issues warning to hacker, sets 15% redemption bounty


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KyberSwap has issued a warning to the hacker behind the attack on its platform. Today, via a post on its Twitter page, the cryptocurrency exchange disclosed that it has every necessary detail to nab the hacker. However, KyberSwap urges the hacker to return the stolen fund before September 6. According to the team, if the hacker could abide by that, KyberSwap promises that the hacker would receive a 15% bounty.

KyberSwap explains that it’s working with security experts, law enforcement agencies, and other partners. The team describes how it’s a collaboration with the aforementioned bodies aid it in tracking the hacker. KyberSwap indicates that the hacker has a lifeline for redemption by returning the stolen funds via centralized exchanges.

Further, KyberSwap illustrates how the hacker exchanged funds for BTC. Then, transfer the BTC to a crypto mixer. The illustration further backs the team’s claim of having details about the hacker. At the moment, the team is exploring every opportunity of reclaiming the $265k stolen from its platform on September 1.

Previous developments about the hack on KyberSwap

Recall that Last Thursday, KyberSwap announced that a hacker had exploited its frontend. Thus, gaining access to steal about $265k from two wallets. Then, the team divulged that the exploitation took place due to a malicious code on its Google Tag Manager. Immediately, after the hack, KyberSwap disabled it, while reaching out to other DeFi platforms to be on high alert.

In another development, On Saturday, Binbits reported that Binance had identified the suspected hackers of KyberSwap. The cryptocurrency exchange and its CEO, Changpeng Zhao, confirmed the development in two separate tweets. According to our report, Binance revealed that it had notified law enforcement authorities about the situation.

Increasing attacks on DeFi platforms

The increasing attack on DeFi platforms is gradually gaining deeper attention in the cryptocurrency space. Since the start of the month, both KyberSwap and ShadowFi have recorded an attack on their platform. The recent report from leading crypto analytical firm, Peckshield further highlights the alarming rate of attacks on Defi platforms. In the last 35 days, the DeFi platforms have lost about $210 million to hackers.

Prior to the recent attack on KyberSwap, the United States Federal Bureau of Investigation beseeched DeFi platforms to advance their security mechanism. Via a public service announcement, the FBI bemoaned how investors are losing heavily to these attacks. The FBI urged investors to carryout research on DeFi platforms before trusting them with their investment. Lastly, every stakeholder in the industry must work hand in hand to curb this menace.

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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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