KyberSwap Hacked: $265,000 in Assets Stolen
This development follows closely on the heels of hackers stealing $265,000 worth of assets from KyberSwap.
The cryptocurrency exchange Binance has announced that it has identified two possible suspects in the theft of $265,000 from the KyberSwap decentralized exchange (DEX) protocol. The theft occurred earlier this week, and Binance is now working with law enforcement to investigate the matter. This is a significant development, as it could help to improve the security of decentralized exchanges and prevent similar exploits in the future.
Binance CEO Changpeng Zhao has disclosed that the company has uncovered some potentially fraudulent activity on its platform. He has noted that the company has shared the information with KyberSwap and the appropriate law enforcement agencies.
KyberSwap Suffers Frontend Attack
The DEX protocol suffered a frontend security breach on September 1, allowing hackers to steal assets worth thousands of dollars from users. This is a serious problem that needs to be addressed immediately in order to protect users and their assets.
It is very alarming that the attackers were able to launch a malicious code on the Google Tag Manager (GTM) of the Kyberswap protocol. This highlights the need for better security measures to be put in place to protect user funds. The fact that the attackers were able to get false approval to move funds to their wallets is also cause for concern. It is important that users be made aware of this incident so that they can take steps to protect their own funds.
The KyberSwap team's quick response to the hack is commendable. They have taken responsibility for the attack and are working to fully compensate all affected users. This shows their dedication to providing a safe and secure platform for their users.
It is good news that the attack was discovered and stopped within two hours of launch. However, it is unfortunate that the exploiters would be rewarded with a 15% bug bounty for returning the stolen funds. This seems like an unfair system that could incentivize more attacks in the future.
Crypto's Big Brother is watching your every move.
The Binance security team has done an impressive job in tracking down and identifying the two hackers who are responsible for the recent heist. The company has also involved government authorities in the matter to ensure a thorough investigation is conducted. This is a positive development and will help to restore confidence in the Binance platform.
#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 Binance (@cz_binance) September 3, 2022
Binance has been instrumental in helping several hacked protocols identify the attackers or recover some stolen funds. In doing so, Binance has helped to protect the crypto ecosystem and ensure that funds are properly safeguarded. We believe that this is a vital service that helps to maintain the health of the crypto industry.
It's good news that the company recovered $450,000 stolen from the DeFi platform Curve Finance. The recovered funds represent around 83% of the total assets drained from the protocol. However, it's concerning that the hackers were able to transfer the assets to the exchange using different techniques, hoping to bypass the firm's security team. Hopefully this incident will be a wake-up call for the company to strengthen its security measures.
Some members of the crypto community believe that Binance is now playing a "big brother" role in the space as the company continues to put effort into making the crypto industry safer for investors.
Binance, one of the world's leading cryptocurrency exchanges, has announced that it has uncovered two suspects in connection with the recent hack of KyberSwap, in which over $265,000 worth of Ethereum (ETH) was stolen. This is a significant development in the case, and