Binance security team has identified two suspects in KyberSwap hack, CZ says
Quick Take
- Binance CEO said the firm’s security team had identified two suspects in relation to Thursday’s KyberSwap hack.
- The intel has been shared with the Kyber team, and Binance is coordinating with law enforcement, per the tweet.
- The hack drained $265k from the network, and KyberSwap said it was ready to pay a 15% bounty if the funds were returned.
Binance's CEO Changpeng Zhao (CZ) shared an update on the KyberSwap hack today, revealing that his firm's security team had identified two suspects.
"Binance 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)," CZ tweeted.
In response to a tweet commending the exchange's actions and referring to it as playing the role of big brother in the crypto space, the CEO said, "Hopefully not the 'big brother' role. We don't need that in crypto. Just helping out where we can."
KyberSwap is a multichain DEX aggregator that suffered a frontend exploit that resulted in the theft of $265,000 in user funds.
The Kyber team told victims of the hack they would be compensated for any funds lost and offered a 15% bounty to the hacker if the funds were returned.
The code exploit was flagged at about 2:30 a.m. EST on Thursday. KyberSwap gave more details about the exploit in an official notice, writing: “We identified a malicious code in our Google Tag Manager (GTM) which inserted a false approval, allowing a hacker to transfer a user’s funds to his address.”
The exploit was neutralized about two hours after the team began investigations. It urged users to proceed with caution while using its platform.
Neither Binance nor KyberSwap responded to requests for comment from The Block before publication.
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