Binance Says It Has Identified Suspects Of The KyberSwap Hack - Robotics Online
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Binance Says It Has Identified Suspects Of The KyberSwap Hack

16 Sep 2022

Crypto exchange Binance said it identified two suspects who may be behind the hacking incidents from decentralized exchange (DEX) protocol KyberSwap earlier this week. This comes less than 48 hours after the hackers stole $265,000 worth of assets from the protocol.

Chief Executive Officer of Binance Changpeng Zhao (CZ), disclosed the findings via Twitter, saying that the firm has shared the information with KyberSwap. He added that law enforcement agencies have also been informed and measures will be taken.

The DEX protocol was the victim of a fronted security breach on September 1. In the attack, threat actors stole assets worth thousands of dollars from users.

They planted malicious code on the protocol's Google Tag Manager (GTM), enabling false approval that prompted them to move funds to their wallets.

The Affected Users Would Be Compensated Fully

The KyberSwap security team explained that the threat actors secretly launched the bad script and targeted whale wallets on Polygon and Ethereum. The team stated further that the affected users would be compensated fully.

The attack only lasted two hours before it was discovered and stopped. According to the protocol, a 15% reward has been promised to the hackers as a bug bounty if they return the stolen funds.

Binance Has Helped Several Protocols To Recover Their Funds

The entire incident has shown that Binance is acting like a big brother in the crypto industry. Barely two days after the hacking incident went public, the crypto exchange’s security team said they tracked the two threat actors responsible for the offense, and government authorities have been involved in the matter for more investigations.

This is not the first time Binance has helped hack protocols to track suspects and recover their funds.

In August, the crypto exchange recovered $450,000 stolen from the DeFi platform Curve Finance. The amount recovered represents about 80% of the funds stolen. According to Binance, the threat actors responsible for the hack moved the funds to the exchange using different methods with the hope of circumventing the firm’s security team.
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