<\/p>\n
Helping investigate a $265,000 hack on decentralized crypto exchange KyberSwap, crypto exchange Binance narrowed down two suspects that seem responsible for the attack.\u00a0<\/p>\n
On Sept. 1, Kyber Network succumbed to a frontend exploit, allowing the attacker to make away with $265,000 worth of user funds from KyberSwap. While investigations were underway, KyberSwap offered a 10% bounty \u2014 of roughly $40,000 \u2014 to the hacker as means to remediate the situation.<\/p>\n
Parallelly, based on an independent investigation, Binance\u2019s security team identified two suspects that may be responsible for orchestrating the virtual heist. Binance CEO Changpeng \u2018CZ\u2019 Zhao confirmed that the intel had been sent to the Kyber team. <\/p>\n
\n#Binance<\/a> security team has identified two suspects for yesterday’s KyberSwap hack. We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement).<\/p>\n
Stay #SAFU<\/a>. https:\/\/t.co\/tbQBGaGTNG<\/p>\n
\u2014 CZ Binance (@cz_binance) September 3, 2022<\/a><\/p><\/blockquote>\n
Binance has also begun coordinating with law enforcement as efforts from both ends continue to corner the hackers.<\/p>\n
Being the biggest crypto exchange in terms of trading volume, Binance\u2019s proactive and selfless effort to help investors from other ecosystems didn’t go unnoticed, as one of the community members pointed out<\/a>:<\/p>\n
\u201cBinance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem.\u201d<\/p><\/blockquote>\n
If Binance\u2019s investigation checks out, KyberSwap investors may be witness to a rare community-driven hack redemption.<\/p>\n
Related: <\/em><\/strong>Binance froze $1M corporate account due to law enforcement request<\/em><\/strong><\/p>\n
CZ recently retaliated against rumors and false allegations that Binance was a Chinese-based \u201ccriminal entity\u201d that \u201csecretly [belongs] in the pocket of the Chinese government.\u201d<\/p>\n
While explaining his long-time ties to Chinese entrepreneurs and colleagues, he added: <\/p>\n
\u201cThe greatest challenge that Binance faces today is that we (and every other offshore exchange) have been designated a criminal entity in China. At the same time, our opposition in the west bends over backward to paint us as a \u2018Chinese company.\u2019\u201d<\/p><\/blockquote>\n
CZ confirmed that Binance has never been legally incorporated in China and never operated like a Chinese company culturally either.<\/p>\n<\/div>\n