Binance Uncovers Two Suspects Tied to KyberSwap $265K Hack

Two suspects have been identified by Binance, a leading cryptocurrency exchange. They may be responsible for the $265,000 theft from protocol KyberSwap (decentralized exchange) earlier this week.
Changpeng Zhao, Binance CEO (CZ), shared the findings today on Twitter. He noted that the company had shared the information with KyberSwap as well as the relevant law enforcement agencies.

KyberSwap is under attack at the frontend

The DEX protocol was affected by a frontend security breach on September 1. This allowed hackers to steal thousands of dollars worth assets from users.
According to the project, the attackers created a malicious code via the protocol’s Google Tag Manager(GTM), prompting false approbation that allowed them to transfer funds to their wallets.
The KyberSwap team revealed that hackers had secretly created a bad script to target whale wallets on Ethereum or Polygon. KyberSwap also stated that all affected users would receive full compensation.
Within two hours of its launch, the attack was stopped and discovered. Protocol also stated that exploiters would receive a 15% bug bounty if the stolen funds were returned.

Crypto’s Big Brother

Two days later, Binance’s security team claimed that they were able to identify and track down two hackers involved in the heist. According to the company, it had contacted government authorities regarding the matter in order to further investigate.
Two suspects were identified by the #Binance security group for yesterday’s KyberSwap attack. We provided intel to Kyber and are now coordinating with LE (law enforcement).

#SAFU https://t.co/tbQBGaGTNG

— CZ

September 3, 2022, Binance (@cz_binance).

Binance, like KyberSwap has helped many hacked protocols to identify the attackers and recover stolen funds.
The company has recovered $450,000 from Curve Finance, the DeFi platform. The funds recovered represent 83% of all assets that were stolen from Curve Finance’s DeFi platform.
Binance is putting effort into making crypto safer for investors. Some members of the crypto community feel that Binance is now playing a “big sister” role in the space.

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