Wednesday, October 5, 2022

Binance Identifies Suspected Hackers of KyberSwap Network

In a bid to help KyberSwap Network investigate the hack it suffered, the Binance Security team, upon investigation, has discovered two suspects that may likely be responsible for the theft of $265,000 worth of users’ funds.

The crypto exchange made the announcement in a Twitter thread. Binance CEO, Changpeng Zhao confirmed the intel has been forwarded to the Kyber team.

According to the KyberSwap network, on September 1, hackers secretly inserted a malicious code in its Google Tag manager to initiate false approval. This enabled the hacker to move users’ funds to his address.

Following the investigation, the team restored the website after successfully identifying the hacker’s address and restoring the damage on its front end.

Also, KyberSwap Network offered a 15% bounty reward in exchange for the stolen funds which amounts to about $40,000 of the amount stolen. It also said the funds should be returned to the wallet address it provided. The protocol said it would compensate all users for any missing funds related to the exploit.

According to its co-founder Loi Luu, this is the first attack on the network in five years.

He assured the community that there was no vulnerability to its smart contract and his team worked tirelessly to ensure things normalized.

There is no doubt that the Exchange has gone beyond securing its platform but also securing the entire crypto ecosystem.

The cryptocurrency exchange security team independently carried out an investigation on the hacker. Upon completion, it discovered two suspects that may likely be responsible for initiating the theft.

Additionally, Binance is currently working with law enforcement agencies in a bid to corner the hackers. Should the investigation turn out well, KyberSwap investors will be witness to a rare community-driven hack redemption.

Defi Attacks in the Crypto space

The decentralized Finance (DeFi) sector has continued to suffer attacks from bad actors in the space.

The largest DeFi hack on record, Ronin Bridge lost $625 million in crypto to hackers. The bridge resumed operations in June, months after it halted activities due to the hack.

Earlier in the year, the Singapore-based digital currency trading platform Crypto.com also suffered a hack. The platform lost as much as $34.5 million worth of assets and about 483 customers were also affected.

Crypto.com introduced the worldwide Account Protection Program (APP) and reimbursed the 483 users that were impacted by the hack.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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