- Binance has identified two of the Kyberswap hackers
- CEO Changpeng Zhao said over the weekend that funds from the hack had been sent to Binance
- Kyberswap was hacked for $265,000 last week
Binance CEO Changpneg Zhao has claimed that Binance has identified two of the hackers behind a recent $265,000 hack on Kyberswap. The decentralised exchange was exploited earlier in the week, and it seems that two of the team behind it tried to cash out their stolen funds on Binance, only for the exchange to flag them and pass the details to law enforcement. The development comes three weeks after Binance helped secure more than 80% of the $570,000 worth of tokens stolen from Curve Finance.
Hackers Targeted Whales
Kyberswap was hacked on September 1st, with hackers able to exploit the project’s Google Tag Manager. The hackers targeted whales, resulting in $265,000 worth of assets being stolen from two wallets before Kyberswap could disable the tag manager. Kyberswap passed all transaction details from the hack on to exchanges and offered the hacks a 15% bug bounty.
The hackers clearly thought they could get away with the funds however and failed to respond, with two individuals ignoring Kyberswap’s warning and sending the funds to Binance to cash out. This only resulted them being flagged by the exchange however, as Zhao revealed over the weekend:
#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).
Stay #SAFU. https://t.co/tbQBGaGTNG
— CZ 🔶 Binance (@cz_binance) September 3, 2022
Thieves Failed to Heed Curve Finance Warning
This news comes less than a month after the hackers of the Curve Finance protocol tried the same trick, which only led to their funds being seized. With most top exchanges employing some kind of blockchain tracing service, and Binance able to afford the best (and being under more pressure than others to act swiftly on such matters), cashing out into fiat currency is becoming harder for most illicit actors.
