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September 3, 2022

Binance has identified the culprits in the KyberSwap breach

Binance, which is assisting in the investigation of a $265,000 breach on decentralized crypto exchange KyberSwap, has narrowed down two individuals who seem to be responsible for the assault.

On September 1, Kyber Network fell victim to a frontend flaw, letting the attacker steal $265,000 in user cash from KyberSwap. While the inquiry was ongoing, KyberSwap offered the hacker a 10% reward — around $40,000 — as a method of resolving the matter.

Similarly, based on an independent investigation, Binance’s security team identified two individuals who may have been involved in the virtual theft. Changpeng ‘CZ’ Zhao, CEO of Binance, verified that the information had been delivered to the Kyber team.

Binance has also started collaborating with law enforcement as both parties work to apprehend the hackers.

As the largest crypto exchange in terms of trading volume, Binance’s proactive and unselfish attempt to assist investors from other ecosystems was noted by one community member:

“Binance is now acting as a big brother in the crypto sphere.” Binance has gone above and beyond to secure the whole crypto ecosystem.”
If Binance’s investigation is successful, KyberSwap investors may see a once-in-a-lifetime community-driven hack redemption.

CZ recently responded to claims and false charges that Binance was a Chinese-based “criminal enterprise” that “secretly [belongs] in the Chinese government’s pocket.”

While describing his long-standing relationships with Chinese businesspeople and coworkers, he added:

“The most significant difficulty that Binance confronts today is that we (along with every other offshore exchange) has been labeled as a criminal business in China.” At the same time, our western rivals bend over themselves to portray us as a “Chinese corporation.”
CZ acknowledged that Binance was never officially formed in China and has never functioned culturally as a Chinese business.

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