Crypto exchange Binance has unearthed two suspects believed to be the hackers behind the $265k pilferage of the decentralized exchange KyberSwap. The dex built on liquidity protocol Kyber Network fell victim to a frontend exploit on Sept. 1.
After noticing “suspicious element, the protocol reportedly shut down its frontend at 8:24 AM UTC on the same date. Upon further investigation, it discovered “a malicious code” in its Google Tag Manager, which targeted “whale wallets with large amounts,” allowing the hacker to transfer funds to different addresses.
“The attack was identified and put a stop to after 2 hours of investigations,” Kyber Network tweeted. “This attack was an FE exploit and there is no smart contract vulnerability.”
On the same day, the protocol published a post updating users that it will compensate all fo the missing funds related to the exploit, and also sent out a message to the attacker that it had identified its addresses and all its suspected interactions.
Asking the hacker to contact them, the KyberSwap team offered a bug bounty of 15% which comes to roughly $40k of the total exploited funds.
Binance too began its own separate investigation and identified two suspects responsible for committing the online robbery. CEO Changpeng Zhao a.k.a CZ announced that the intel had been sent to the Kyber team and was also in touch with law enforcement agencies.
Community Members Praise Binance’s Action
Lauding Binance‘s proactive action, one community member likened the platform’s act to the role of a big brother.
Binance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem. There’s no other platform that has the will or the resources to help the crypto industry like Binance. Binance is doing well.
The biggest crypto exchange in terms of trading volume has recently come forward in helping Curve Finance users by recovering crypto assets worth about $450,000 stolen. The funds represented about 83% of the total amount stolen from users.
Sharing the update, CZ also noted that the Curve Finance hacker transferred the stolen stash to Binance using different techniques to avoid the exchange’s security. However, the firm identified the transactions and froze the assets.