Crypto: Binance Delivers Hackers to the Police

Sun 04 Sep 2022 ▪ 19:00 ▪

5
min read – by
Mikaia ANDRIAMAHAZOARIMANANA

The team of independent researchers working on behalf of Binance was able to uncover the identities of the authors of the KyberSwap hack. The developers of the exchange have been notified, as have the police.

KyberSwap hackers exposed

Yesterday CZ posted news on Twitter that makes 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 (Police = ‘law enforcement’).

After the KyberSwap team was notified of their identity, it shared it through 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 have already started a process to get their hands on the KyberSwap hackers.

Reminder of the situation

1er last September, the front side of KyberSwap experienced a cyber attack that resulted in the loss of $265,000. These assets were transferred from two whale addresses.

These hackers could very well have gotten much more than this amount if the team at this decentralized financial (DeFi) liquidity center hadn’t turned up on time.

It took him 2 hours to get suspicious elements into the… front side from KyberSwap, a malicious code in the Google Tab Manager (GTM).

We neutralized identity and an exploit on the KyberSwap front-end. Affected users will be compensated… US$265,000 in user credits were lost, with 2 addresses compromised, and users will be compensated. It appears that the attack was aimed at whale wallets. »

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

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

Binance, a self-proclaimed crypto sleuth?

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

On several occasions, we have heard a desire for protection and cooperation from Binance, to name only his intervention that enabled the restitution of a portion of the $625 million stolen from the Ronin Bridge.

Binance perfectly fulfills its role of “ big Brother “.

Moreover, CZ is not the type to accept this kind of practice. Hadn’t he pointed out the fake Binance-affiliated LinkedIn accounts lately?

He also had some people’s accusations that Binance is a ” criminal entity [qui se trouve sous la botte] of the Chinese government “.

Here’s his commentary on the topic:

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

The KyberSwap hack reminds us of the data published by Chainalysis, which puts the theft amount at $1.9 billion. This only covers the period from January to June 2022. Last year, however, $1.2 billion disappeared from cryptographic platforms during the same period. In short, 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 the impact will be felt on the world’s most fragile economy, against all odds, I’ll say I had something to do with it

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