Binance identifies two linked with the recent hack on KyberSwap

Two suspects have been identified by the top crypto exchange Binance for allegedly being responsible for the theft of $265,000 from the decentralized exchange (DEX) protocol KyberSwap earlier this week.

The Binance security team reported finding and identifying two hackers who may be responsible for the crime just two days after the occurrence. The business claimed it had sought the assistance of government agencies in the inquiry.

Changpeng Zhao (CZ), the CEO of Binance, revealed the information on Twitter today and said that the company has shared it with KyberSwap and the relevant law enforcement organizations.

#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).

Stay #SAFU. https://t.co/tbQBGaGTNG

— CZ 🔶 BNB (@cz_binance) September 3, 2022

A frontend security vulnerability in the DEX protocol on September 1 allowed hackers to steal users’ funds, worth thousands of dollars. The attackers purportedly launched malicious code into the Google Tag Manager (GTM) for the protocol, which resulted in a false authorization that permitted them to transfer money to their wallets.

The KyberSwap team revealed that the hackers secretly released the malicious software that was intended to target whale wallets on Polygon and Ethereum, adding that users who were affected would receive full compensation.

Within two hours of the attack’s initiation, it was identified and terminated. The protocol also stated that if the stolen money was recovered, the exploiters would receive a 15% bug bounty.

Binance is known for finding attackers

Several hacked protocols have received assistance from the exchange in locating the hackers or recovering some stolen money. $450,000 that was stolen from the DeFi platform Curve Finance was found by Binance last month. Around 83% of the total assets taken from the protocol were recovered in the form of money. The exchange claimed that the hackers used a variety of methods to transfer the assets to the exchange in an effort to get through the firm’s security staff.

Some members of the cryptocurrency community think Binance is taking on a “big brother” role in the area as it works to make the crypto industry safer for investors.