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Binance might have successfully uncovered the brains behind the KyberSwap frontend hack, which was perpetrated last Thursday.
Largest cryptocurrency exchange by market trading volume, Binance has independently identified two individuals suspected to be the bad actors behind the KyberSwap scam, which led to the loss of over $265,000 in cryptocurrencies belonging to users. CEO Changpeng ‘CZ‘ Zhao took to his Twitter page to announce the hack.
On Thursday, 1st September, the decentralized finance (DeFi) exchange platform KyberSwap noticed suspicious activities on its front end and had to shut it down to conduct investigations. Upon completing the investigations, Kyber Network discovered malware had been introduced into its servers. Specifically, a malicious code was sent into its Google Tag Manager (GTM).
The code initiated false approvals, which in turn led to the loss of $265,000 in users’ funds. Notably, the target of the malicious code was whale accounts with huge amounts of funds in them.
KyberSwap, which was initially disabled, came back online after less than two hours following a series of checks which ascertained that the bad script had been pulled out. The DeFi exchange scrutinized its front end to decipher the extent of the damage done, the affected wallet addresses, and the attacker’s address.
Big Brother Binance Steps in For Troubled Crypto Firms
As compensation, KyberSwap promised the scammers about 15% or approximately $40,000 of the hijacked funds if it is returned. Helping in the investigation, the Binance security team sent its intel to the Kyber Network team and has now started coordinating with law enforcement agencies.
This will not be the first time the largest exchange is stepping in to help other troubled crypto firms salvage their platforms. Markedly, Binance helped to recover about $5.8 million from the $625 million stolen from the Axie Infinity’s Ronin Bridge when it was attacked a few months ago.
All things considered, Binance is recognized for showing proactiveness and offering selfless effort to help investors.
A community member attested to this when he said, “Binance is now playing the role of a big brother in the crypto space. Binance has gone beyond securing its platform to securing the entire crypto ecosystem.”
Image source: Shutterstock
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