THE DAILY ENCRYPT

October 3, 2022

KyberSwap’s Recent Hackers Have Been Called out by Binance’s Security Branch

Binance CEO stated that the security team of the firm had identified two suspects in connection to Thursday's KyberSwap attack....
Image by The Daily Encrypt

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.

Related Articles:  Improbable Gaming Firm Behind Yuga Lab's Otherside Metaverse Looks to Raise $111 Million

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.

Related Articles:  Crypto Trading Firm Talos Hires For Expansion Plans in Europe and US

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.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES