KyberSwap was the victim of an attack leaving an estimated $265,000 in damages.
The world’s largest crypto exchange Binance wins another victory in the battle to protect users and crypto projects from hackers.
Binance Never Gives Hackers A Chance
On September 2, Kyber Network’s multi-chain DeFi application KyberSwap admitted to being the victim of an attack, leaving an estimated $265,000 in damages. According to Kyber Network, hackers took advantage of a loophole in the frontend interface related to KyberSwap’s Google Tag Manager software, displaying deceptive messages to users.
After discovering the problem, the project quickly isolated the vulnerability and disabled the feature that encountered the error within 2 hours. Even so, the hacker still succeeded in taking all of the above money from KyberSwap through two whale addresses of the project. KyberSwap announced it will compensate affected users fully.
Kyber Network filtered out the attacker’s wallet addresses and the wallets used to disperse the funds afterward, urging CEXs and the NFT Marketplace OpenSea to block these addresses quickly. Kyber Network announced that it is ready to compromise with the attacker and award 15% of the stolen money if the hacker accepts to pay KyberSwap.
But the opportunity for compromise with the hackers seems to be lost since Binance CEO Changpeng Zhao (“CZ”) quickly announced they have successfully identified the two hackers responsible for this attack and transferred the information to authorities for further investigation.
CZ’s timely intervention shows why Binance is building a reputation as a highly trusted brand in the blockchain industry. Kyber Network is the latest case highlighting the responsible role of the exchange in the face of trouble.
During the Ronin hack that caused $622 million in damage in March 2022, through an open partnership, Binance helped Axie Infinity freeze stolen funds, then led the $150 million funding round of Sky Mavis to support user compensation costs. Finally, Axie Infinity reopened the Ronin bridge after a 3-month hiatus and returned the money to users as committed.
Binance’s CEO also flagged an exploit on Uniswap that caused some misleading warnings about Uniswap being attacked. Still, UniSwap discovered that the real problem was a phishing attack plot to prevent user risks. In addition, CZ helped freeze $450,000 stolen from the DNS attack that industry-leading DeFi platform Curve Finance suffered just a few weeks ago.
Source : bsc.news
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