Binance Security Team Identifies Two Suspects Involved in the KyberSwap Hack

KyberSwap, who is a multi-chain decentralized exchange aggregator, was drained of almost $256K in funds yesterday in a hacking attempt that proved to be successful. The cyber criminals were able to rip the aggregator off of its riches and have gone away as sophisticatedly as they did enter the network in the first place.

It has been said that it might be an inside job; otherwise, it wouldn’t have been as easy as it was for the hackers to gain access to the network, wander off and then steal the money; something should have gone off, an alarm or something like that telling the network security team that the network was breached.

The CEO of Binance, Chanpeng Zhao, is coordinating with the authorities as well as with the network security team for the KyberSwap as well, helping them to build a stronger case and to share any and all intel that becomes discoverable.

According to the authorities, the hackers did manage to pull off a great deal of money from the exchange, about $256K to be exact, and that is a huge amount given the fact that it was a small-scale hack and no further damage was done.

The KyberSwap spokesperson has tweeted that they are willing to pay 15%bounty if the funds are returned to them safe and sound.

Crypto Entities Need Better Protection Against Hacks

Crypto hacks have become more apparent as the technology that drives these decentralized and blockchain-oriented solutions becomes stronger so does the applicable element of the technology for the other side, the hackers and the cybercriminals.

Hence it is important for these DEX entities to safeguard their network and monitor the kind of traffic that they have been receiving at all times.

The Binance security team has managed to scan the whole thing that happened at the KyberSwap, and they were able to find two new culprits who might have been the hackers. The intel on who these are is already shared with the authorities and with the KyberSwap team.

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