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‘Big Brother’ Binance Helps Kyber Network Identify 2 Hackers Involved in Its Hack

1 min
Updated by Ryan James
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In Brief

  • Binance has identified two hackers involved in the hack of KyberSwap.
  • KyberSwap was hacked of $265,000 on September 1.
  • Crypto community members are calling the exchange the “big brother” of the industry.
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Binance CEO Changpeng Zhao on September 3 revealed that the exchange has identified two suspects involved in the KyberSwap hack.

Zhao tweeted that the Binance Security team had identified two suspects responsible for the attack and had provided the necessary information to the Kyber team.

He added that the exchange was also partnering with Law Enforcement to ensure the apprehension of the hackers.

Recall that the Kyber Network had on September 1 suffered a frontend attack that led to the theft of about $265,000 worth of users’ funds.

The Kyber team had offered the hackers a 15% bounty while warning that there was no way for them to cash out the funds without doxing themselves.

Binance is helping compromised platforms get their funds

CZ’s revelation joins a slew of recent attempts by the exchange to make its platform much more difficult to use by malicious players.

Recently, Binance helped Curve Finance to recover $450,000 stolen from the platform. According to CZ, the hacker’s attempt to disguise the fund’s transfer to the exchange was detected by the platform.

Binance also recovered $5.8 million of the stolen funds from Axie Infinity’s Ronin Bridge.

Binance’s big brother role

Binance’s efforts at helping other platforms led a crypto community member to address the exchange as a Big Brother of the crypto industry.

According to him, “Binance has gone beyond securing its platform to securing the entire crypto ecosystem. There’s no other platform that has the will or the resources to help the crypto industry like Binance.”

CZ, however, rejected the tag saying the exchange is “just helping out.” Adding that the crypto industry does not need a Big Brother.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.