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Binance identifies two people for $265k KyberSwap hack

Binance identified two individuals who may the masterminds behind the $265,000 KyberSwap hack.

Crypto exchange Binance has identified two individuals who appear to be the hackers behind a $265,000 hack on decentralised crypto exchange KyberSwap. On September 1, KyberSwap fell victim to a front-end vulnerability, enabling the hacker to steal $265,000 in user cash from the exchange. Later, KyberSwap announced a 10% bounty, or around $40,000, as a chance to return the hacked amount while investigations were underway.

In a related development, the security team at Binance identified two individuals who may have been involved in planning the digital theft based on a independent investigation on September 3. According to Changpeng “CZ” Zhao, CEO of Binance, the information had been submitted to the Kyber team. As both require effectiveness to trap the hackers, Binance has also started working with law enforcement. He tweeted:

As the largest crypto exchange by trading volume, Binance’s proactive and unselfish efforts to assist investors from other ecosystems weren’t ignored, as one of the community members noted:

“Binance is now acting as a big brother in the crypto sector. In addition to safeguarding its platform, Binance has secured the whole crypto ecosystem.”

Investors in KyberSwap may experience a unique community-driven hack redemption if Binance’s inquiry is successful. Recent allegations and baseless claims that Binance was a “criminal company” with a Chinese foundation and “secretly [belongs] in the pocket of the Chinese government” led CZ to take action.

He continued by detailing his long-standing connections with Chinese colleagues and business associates:

“The largest issue the firm is now dealing with is the fact that Binance and every other offshore exchange have been labelled illegal entities in China. While this is happening, our foes in the west go to considerable efforts to label us a Chinese business.”

CZ affirmed that Binance has never been lawfully formed in China and has never conducted business in a manner consistent with a Chinese organisation.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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