Crypto: Binance delivers hackers to the police

Sun 04 Sep 2022 ▪ 7:00 p.m. ▪

5
min read – by
Mikaia ANDRIAMAHAZOARIMANANA

The team of independent investigators working on behalf of Binance was able to expose the identity of the authors of the KyberSwap chack. The developers of the exchange have been notified, as well as the police.

KyberSwap Hackers Exposed

Yesterday, CZ posted some news on Twitter that will make customers happy. In this publication, he spoke about two suspects behind the attack on this decentralized exchange.

The #Binance security team has identified two suspects for yesterday’s KyberSwap hack. We have provided the information to the Kyber team, and are coordinating with LE (law enforcement = ‘law enforcement’).

The KyberSwap team, after being notified of their identities, shared them via their official account.

Stay #SAFU“, published CZ

We have identified and neutralized an exploit on the KyberSwap frontend. Affected users will be compensated. We have summarized the details in this thread. »

Immediately after this discovery, Binance shared this information with local authorities. The latter having already initiated a process to get their hands on the KyberSwap hackers.

Reminder of the situation

1er last September, the front end of KyberSwap experienced a cyberattack that resulted in the loss of $265,000. These assets were siphoned from two whale addresses.

These hackers could well have obtained much more than this sum if the team of this decentralized finance (DeFi) liquidity center had not come forward in time.

It took him 2 hours to discover suspicious elements in the front-end of KyberSwap, a malicious code in its Google Tab Manager (GTM).

We have identity and neutralized an exploit on the front-end of KyberSwap. Affected users will be compensated…US$265,000 in user funds was lost, with 2 addresses affected, and users will be compensated. It seems the attack was aimed at whale wallets. »

In response, Kyber Network issued a warning to other DeFi platforms. The latter will now have an interest in remaining vigilant, because hackers would be targeting them at this time.

At the same time, they offered the hacker to return the stolen funds in exchange for a 15% reward like “ bug bounty “.

Binance, a self-proclaimed crypto sleuth?

Recently, Binance has set up a platform to detect questionable projects, DappBay. Proof that CZ and his cronies take the vulnerability of cryptocurrency infrastructure and investors seriously.

On several occasions, we have heard a desire for protection and cooperation displayed by Binance, to cite only its intervention which allowed the restitution of part of the 625 million dollars stolen from the Ronin bridge.

Binance perfectly fulfills its role of “ big brother “.

Besides, CZ is not the type to accept these kinds of practices. Hadn’t he pointed out the fake Binance-affiliated LinkedIn accounts lately?

Also, he had completely denied the accusations of some people that Binance is a “ criminal entity [qui se trouve sous la botte] of the Chinese government “.

Here is his comment on the subject:

The biggest challenge facing Binance today is that we (and all other offshore exchanges) have been designated as a criminal entity in China. At the same time, our opponents in the West bend over backwards to portray us as a ‘Chinese company’ “.

The KyberSwap hack reminds us of the data published by Chainalysis putting the amount of theft at $1.9 billion. This only concerns the period from January to June 2022. However, last year, $1.2 billion disappeared from cryptographic platforms for the same period. Basically, their security has made little progress despite the succession of attacks.

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Mikaia ANDRIAMAHAZOARIMANANA avatar
Mikaia ANDRIAMAHAZOARIMANANA

The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it



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Crypto: Binance delivers hackers to the police


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