Binance identifies suspects of KyberSwap hack, involves law enforcement

Helping to investigate a $265,000 hack on decentralized crypto exchange KyberSwap, crypto exchange Binance has arrested two suspects believed to be responsible for the attack.

On September 1, Kyber Network succumbed to an exploit, which allowed the attacker to obtain $265,000 worth of user funds from KyberSwap. While investigations are underway, KyberSwap has offered a 10% bonus — about $40,000 — to the hacker to fix the situation.

In parallel, based on an independent investigation, Binance’s security team identified two suspects responsible for organizing the virtual heist. Binance CEO Changpeng ‘CZ’ Zhao confirmed that Intel has been sent to the Kyber team.

As efforts from both sides continue to corner hackers, Binance has begun coordinating with law enforcement.

Being the largest crypto exchange by trading volume, Binance’s proactive and selfless efforts to help investors from other ecosystems has not gone unnoticed as one of its community members. pointed out:

“Binance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing the platform to securing the entire crypto ecosystem.”

If Binance’s investigation proves it, KyberSwap investors could be witnessing a rare community-driven hack ransom.

Related: Binance has suspended a $1M corporate account due to a law enforcement request

Binance recently responded to rumors and false accusations that CZ was a “criminal entity” based in China [belongs] In the pocket of the Chinese government.”

Explaining his long-standing relationship with Chinese entrepreneurs and colleagues, he added:

The biggest challenge that Binance faces today is that we (and other offshore exchanges) are part of the crime scene in China. At the same time, the opposition in the West is bending over backwards to paint us as a ‘Chinese company’.”

CZ confirmed that Binance is not legally incorporated in China and has traditionally never operated as a Chinese company.