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Binance CEO stated that the security team of the firm had identified two suspects in connection to Thursday’s KyberSwap attack. According to a tweet, the intel was shared with the Kyber team and Binance is working with law enforcement.

The hack took $265k from the network. KyberSwap stated that it would pay a 15% bounty for any funds returned.

Changpeng Zhao, Binance’s CEO (CZ), shared an update about the KyberSwap Hack today. He revealed that his security team had identified two suspects.

“Binance security has identified two suspects in yesterday’s KyberSwap attack. We have given the information to the Kyber team and are cooperating with LE (law enforcement),” CZ tweeted.

Binance CEO praises security efforts

The CEO responded to a Tweet praising the exchange’s actions, and calling it big brother in crypto, saying, “Hopefully not that role. That’s not what crypto needs. We are just trying to help where we can.”

KyberSwap, a multichain DEX-aggregator, was hit by a frontend vulnerability that led to the theft of $265,000 worth of user funds.

The Kyber team informed victims of the hack that they would be compensated for any money lost, and offered a 15% bounty to hacker if those funds were returned.

At approximately 2:30 AM EST on Thursday, the code exploit was reported. KyberSwap provided more information about the exploit in a official notice. It wrote: “We identified malicious code in Google Tag Manager (GTM), which inserted false approval, allowing hackers to transfer funds to an address.”

Two hours after the team started investigating, the exploit was eliminated. It advised users to use its platform with caution.

The post KyberSwap’s Recent Hackers Have Been Called out by Binance’s Security Branch first appeared on The Daily Encrypt.


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Angie Byrd