Following the hacking attack at the decentralized crypto exchange, KyberSwap, the Binance security team, has been involved in the investigation.
Binance Team Identifies Key Suspects
The Binance Security Team has been heavily involved in investigating the hacking incident involving KyberSwap. According to reports, the attack on KyberSwap led to the loss of $265,000 in users’ funds from the platform.
However, Binance has identified two key suspects in the exploits and has reported them to law enforcement. The attack on Kyber Network occurred on September 1 after the attackers targeted the platform’s frontend.
Investigations are still underway, and the Kyber team has placed a bounty of close to $40,000 on the hacker. The crypto exchange made an offer to the attacker to rectify the issue.
Similarly, based on the impartial inquiry, Binance’s security team recognized two suspects who may have been involved in the online heist.
Changpeng Zhao (CZ), CEO of Binance, affirmed that his team had delivered the information to the Kyber Network.
#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).
— CZ 🔶 Binance (@cz_binance) September 3, 2022
Furthermore, Binance is already collaborating with law enforcement as both work to locate the culprits. As the largest crypto exchange by trading volume, Binance’s active and genuine attempt to assist investors from other networks is commendable.
A community member noted that:
“The exchange is now a big brother in the digital asset sphere.” “Binance went above and beyond to secure the entire cryptocurrency industry.”
If Binance’s probe is successful, KyberSwap investors might get a once-in-a-lifetime community-driven theft refund.
Binance Eyes Crypto Market Dominance
The exchange is increasing its efforts to capture market share by broadening its free trading to include Ether. Binance temporarily halted fees for one month for customers trading Ether using its BUSD.
The move signifies the beginning of a much-anticipated upgrade to the Ethereum network. The transition from Proof of Work (PoW) to Proof of Stake (PoS) promises to be one of the most eventful things in the industry.
The Merge is the final upgrade to the Ethereum network as the blockchain platform seeks more expansion. The decision to offer free Ether trading before the Merge demonstrates how Binance is leveraging the aftermath of the crypto meltdown. The world-leading exchange wants to make a new push to attract clients to its site.
Binance’s total revenue is obtained from transaction fees, which swing with the price of cryptocurrencies. CZ noted that the crypto market crash impacted the exchanges’ revenue like other platforms.
Binance began offering zero-cash transactions in numerous BTC pairs, including fiats like the Euro and Pound.
The exchange has been expanding, targeting most of Europe and emerging markets like the Middle East.
It has already bagged licenses in several EU blocs like Italy, Spain, France, and others. Similarly, Binance has been instrumental in the rising adoption of digital tokens in the Gulf region, like in Dubai.
The company is spreading its wings globally and taking the driving seat in crypto trading volumes.