Binance CEO Provides Updates On KyberSwap hack
- The CEO of Binance, Changpeng Zhao, popularly known as CZ in the crypto world, has provided an update on the people behind the KyberSwap hack that was witnessed on Thursday.
- The security team of the crypto exchange has identified two suspects for the KyberSwap hack and the data has been shared with the law enforcement and Kyber team.
The CEO of the world’s biggest crypto exchange, Binance, Changpeng Zhao, popularly known as CZ in the crypto world, has provided an update on the people behind the KyberSwap hack that was witnessed on Thursday. The security team belonging to the exchange was responsible for conducting an investigation into the whereabouts of the hackers.
“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.
A Twitter user commended the actions taken by the crypto exchange’s security team and said that Zhao and his exchange are now playing the role of a “big brother” in the crypto exchange. In response to this, CZ said “Hopefully not the ‘big brother’ role. We don’t need that in crypto. Just helping out where we can”
Interestingly, the identity of the two suspects remain unknown but all the intel gathered has been shared with the Kyber team and Binance crypto exchange is also coordinating with authorities to figure out the next steps.
KyberSwap is a multichain DEX aggregator which had suffered a frontend exploit that resulted in the theft of $265,000 which belonged to the users of the platform. Following the hack, the Kyber team guaranteed that the people who lost their funds would be made whole while also adding that if the hackers return the funds, they will be eligible for 15% of the funds as reward.
The official note from KyberSwap stated that it “has identified and neutralized” the exploit discovered and reported first at 2:30 a.m. ET Thursday. It also revealed that the UI was restored, and aim to “identify all of the attackers’ addresses, and identify the extent of the damage, and which addresses were affected.”
“We know your addresses and interactions. Centralized exchanges have also been informed. You’ll not be able to cash out without revealing yourself. As a bug bounty, we’re offering you 15% of the funds if you return them,”said KyberSwap team in a Twitter post.
While hacks have been on the rise in the crypto industry, it is imperative to note that the situation is gradually improving and crypto exchanges like Binance have been increasingly vigilant.