Binance CEO Changpeng Zhao Says Crypto Titan Has Unmasked Two Suspects Involved in $265,000 DeFi Hack

Crypto exchange giant Binance says it has identified the bad actors suspected to be behind the hack of decentralized exchange (DEX) KyberSwap.

The perpetrators allegedly injected malicious script on KyberSwap’s Google Tag Manager (GTM) on September 1st, enabling them to move users’ funds.

Kyber says that it managed to neutralize the exploit but not before the attackers stole $265,000 worth of assets.

“Notice of Exploit of KyberSwap Frontend: We identified and neutralized an exploit on the KyberSwap frontend. Affected users will be compensated.”

A day following the incident, Binance CEO Changpeng Zhao said that the firm’s security team tracked down the two suspects. The exchange says it’s coordinating with KyberSwap and the authorities.

“Binance security team has identified two suspects for yesterday’s KyberSwap hack. We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement).”

Last month, Binance helped recover 83% of the $570,000 worth of crypto that was stolen from decentralized finance (DeFi) protocol Curve Finance.

In 2020, the firm also helped recover almost all of the $345,000 worth of cryptocurrency that was stolen in what was thought to be an exit scam.

Many members of the crypto community now call Binance the “Big Brother”of the industry as the exchange tends to give support to other crypto firms that suffered security breaches and theft. Zhao says that the company is just extending its help.

“Hopefully not the ‘Big Brother’ role.

We don’t need that in crypto. Just helping out where we can.”

Featured Image: Shutterstock/Fortis Design