KyberSwap hacker identified after network suffers $265,000 exploit

Key Takeaways:

  • The hackers drained $265K worth of Aave Matic interest-bearing USDC (AMUSDC) tokens in four transactions.
  • Changpeng Zhao says Binance security team had identified two suspects and is coordinating with law enforcement.
KyberSwap
Binance has narrowed down KyberSwap attackers to two suspects.

LAGOS (CoinChapter.com) — In a remarkable development, cryptocurrency exchange Binance helped identified the hackers responsible for stealing $265,000 from decentralized digital currency exchange KyberSwap on September 1.

Binance's CEO Changpeng Zhao

In detail, Binance’s CEO Changpeng Zhao through his official Twitter handle announced that the exchange has narrowed down the attackers to two suspects. He revealed that his firm’s security team after an independent investigation identified the two suspects.

Moreover, Binance CEO via the tweet confirmed that the intel gathered have been sent to the KyberSwap team. CZ further disclosed that the exchange was coordinating with law enforcement agencies to ensure the culprit are brought to book.

KyberSwap

Recall that KyberSwap on Friday suffered an attack on its website leading to a loss of $265,000. Per the company’s announcement, the thieves were able to compromise the app’s frontend through the Google Tag Manager script. Notably, using the malicious script through GTM, the hackers made users approve their funds and sent them to his address.

ALSO READ: FBI to crack down on crypto thieves

However, the exploit was neutralized about two hours after the team began investigations. KyberSwap urged users to proceed with caution while using its platform. It also instructed users to double-check their approvals using the approval tool provided by the block explorer, Polygonscan.

We Will Only Get Stronger From This —KyberSwap

Meanwhile, KyberSwap has expressed gratitude to Binance for its assistance in identifying the hackers. The exchange noted that its team is sorting through messages and is glad about the level of assistance it’s receiving. It said:

“Appreciate the help of industry partners like cz_binance, binance, and so many more, during this time. We will only get stronger from this.”

Meanwhile, it’s important to note that KyberSwap offered a 10% bounty ($40,000) to bounty hunters to help retrieve the fund. As of the time of publication, the funds have not been returned.

Moreover, the crypto community has since lauded Binance for the role it played in identifying the hackers. A Twitter user further stated:

“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.”

Binance Is Not A Chinese Company —Changpeng Zhao

Meanwhile, in a separate development, Binance has recently flooded headlines after rumors emerged that the exchange was a Chinese company.

CZ in a statement slammed critics and conspiracy theorists who he claims are trying to hurt the exchange. He asserted that Binance is not a Chinese company, and that the conspiracy theory of a Chinese employee secretly running the business is untrue.

Notably, Binance currently boasts of more than 28.5 million users on its platform. The company is actually the world’s largest crypto exchange, according to Yahoo finance. Since its launch in 2017, it has been a key player in the cryptocurrency industry. In 2020, Binance reported revenue of more than $1 billion.

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KyberSwap, KyberSwap hacker identified after network suffers $265,000 exploit

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