Binance Identifies Suspects Linked To $265K KyberSwap Hack 48 Hours After Heist

The security team of Binance, the world's largest cryptocurrency exchange platform, has identified a couple of suspects involved in the $265,000 heist of KyberSwap, a decentralized crypto exchange.

Changpeng Zhao or CZ, the founder and CEO of Binance, shared the news on Twitter, just 48 hours following the hack.

"Binance security team has identified two suspects for yesterday's KyberSwap hack," the executive said Saturday.

CZ also shared that his team has given the intel it has gathered to the Kyber team and is also working with law enforcement.

"We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement)," he noted.

Cybercriminals took away $265,000 worth of cryptocurrency from KyberSwap on Sep. 1. The cryptocurrency exchange's DEX protocol suffered a frontend security hack that paved the way for the digital heist.

KyberSwap noted that hackers launched a malicious code on the Google Tag Manager (GTM) of the protocol, which allowed false approval and enabled them to move the funds to the wallet of their choice. Moreover, the team said cybercriminals rolled out the bad script targeting Ethereum and Ploygon's whale wallets.

Funds stolen by the hackers from two identified addresses will be refunded, according to KyberSwap.

"We have compiled a complete list of confirmed, and suspected, attacker addresses used during this period, including tracking interactions with centralized exchanges and @opensea," the team noted.

KyberSwap also confirmed that it has "neutralized the attack" and users can now start using the functions of the platform, including farming, adding liquidity and swap aggregator. The team also advised users to exercise caution at all times.

KyberSwap is just one of the many hacked protocols that Binance's security team has helped recover. In August, Binance recovered $450,000 stolen from Curve Finance, a decentralized finance (DeFi) platform. The recovered amount is equivalent to approximately 83% of the protocol's total stolen assets.

As the biggest cryptocurrency exchange in the world, Binance plays the role of a big brother to help make the cryptocurrency industry a safe place for investors. BNB, the native token of Binance, was trading 0.13% at $278.56 with a 24-hour volume of $532,872,183, according to the latest data from CoinMarketCap.