Binance KyberSwap exploit

Binance Identifies Hackers Suspected of KyberSwap Exploit

05.09.2022 09:33
by Gabriel Cross
1 min read

Binance seems determined to become the hero of the crypto industry. In an independent investigation, the world’s largest crypto exchange in terms of trading volume has identified two suspects who are allegedly responsible for the KyberSwap attack.

Last week, KyberSwap suffered a front-end exploit, losing $265,000 to the attackers. The decentralized exchange then unsuccessfully offered the hackers $40,000 should they return the money.

Now, Binance has sent the incriminating information they gathered to both KyberSwap and law enforcement. We are yet to learn whether the suspects have actually committed the crime.

Regardless, Binance is intent to keep playing the part of the big brother in the crypto space. The company has begun working regularly with law enforcement to reduce the hackers’ threat in the sector.

Author

  • Gabriel Cross used to be a bank officer for an international bank for many years. From this point of view, he says the time spent obtaining a degree in economics was a waste of time. A few years back, he decided to quit his job and start trading. He is obsessed with decentralized finance, but he often plays with the stock market, investing with great pleasure into ground-breaking tech solution startups.

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