KyberSwap issues deadline to exploiters

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Decentralized crypto exchange KyberSwap has warned its exploiters to return all the funds stolen on the network. The protocol issued the warning in a Monday Twitter post. According to KyberSwap, it will fully catch the exploiters if they fail to do the needful before September 5. 

According to the exchange, it now has all the information necessary to tame the culprits. KyberSwap says it has fully involved security experts, law enforcement agencies, and other partners in trailing the exploiters. However, it promised to avail 15% bounty to the exploiters if they returned the funds before the issued ultimatum. According to KyberSwap, the hackers must ensure they return the stolen funds in any centralized exchanges.

KyberSwap said it has continued to track the movement of the stolen funds. According to the exchange, the hackers first converted the funds for BTC before relaying it to a crypto mixer. The KyberSwap team says it will do everything possible to recover all the funds.

The exploitation of KyberSwap

The exchange endured its latest exploitation on September 1. The exploiters went away with over $265,000 worth of user funds. According to the exchange, the exploiters used malicious code on its Google Tag Manager to exploit the network. After the hack, the protocol disabled the google tag manager. Afterward, the KyberSwap team confirmed the efforts of its team to investigate it. Later, the team promised to give the protocol a 10% bounty, amounting to over $40,000.

A few days later, Binance announced that it identified two individuals in connection with the exploitation. Its CEO, Changpeng Zhao, says Binance has sent the intelligence to KyberSwap for appropriate actions. The crypto exchange conducted an independent investigation to help Kyberswap unravel the circumstances behind the exploitation. Afterward, it uncovered two suspects in connection to the crime. Also, Binance said it had involved law enforcement in a bid to tame the suspects fully.

The exploitation of KyberSwap comes a few days after the United States Federal Bureau of Investigation (FBI) decried how investors are losing funds to the vulnerabilities of these protocols. According to findings, exploitations on DeFi protocols spiked in 2022, leaving investors to endure a total loss of $1.6 billion. 

The law enforcement agencies consistently advised all DeFi protocols to advance their respective security mechanisms. According to the FBI,  it is imperative for developers of DeFi projects to track and conduct robust code testing on their networks. The FBI issued an intelligence that hackers intend to bank on the increasing adoption of cryptos to sustain their acts.

The agency further tasked developers to hire private auditors to audit their codes. According to the FBI, this will help determine the codes’ vulnerabilities before hackers exploit them. Similarly, it advised the developers always to conduct stringent code testing, analysis, and monitoring.

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