Binance CEO: Security team had identified two suspects in relation to KyberSwap hack

Binance’s CEO Changpeng Zhao (CZ) shared an update on the KyberSwap hack today, revealing that his firm’s security team had identified two suspects.

Binance security team has identified two suspects in the KyberSwap hack

In response to a tweet commending the exchange’s actions and referring to it as playing the role of big brother in the crypto space, the CEO said, “Hopefully not the ‘big brother’ role. We don’t need that in crypto. Just helping out where we can.”

KyberSwap is a multichain DEX aggregator that suffered a front-end exploit that resulted in the theft of $265,000 in user funds. The Kyber team told victims of the hack they would be compensated for any funds lost and offered a 15% bounty to the hacker if the funds were returned.

The code exploit was flagged at about 2:30 a.m. EST on Thursday. KyberSwap gave more details about the exploit in an official notice, writing: “We identified a malicious code in our Google Tag Manager (GTM) which inserted a false approval, allowing a hacker to transfer a user’s funds to his address.”

The exploit was neutralized about two hours after the team began investigations. It urged users to proceed with caution while using its platform.

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