Press Release

KAI, Binance, and Bybit: Is One Central Dubai a Hacker Hotspot?

One Central Dubai Tower

KAI, Binance, and Bybit: Is One Central Dubai a Hacker Hotspot?

FOR IMMEDIATE RELEASE | Dubai, UAE | June 9, 2025

On June 3, 2025, KAI Exchange discovered that $5 million was stolen from its margin funds. KAI operates out of Dubai’s One Central tower, the same building that hosts major exchanges Binance and Bybit. This latest breach follows two other high-profile hacks linked to One Central, raising questions about whether the shared location exposes all tenants to greater risk.

Binance’s 2019 Hack

In May 2019, Binance lost 7,000 BTC—approximately $40 million at the time—when hackers gained access to private API keys. Although Binance immediately covered customer losses, the stolen funds underscored that even top exchanges can be vulnerable. The incident led Binance to strengthen its internal controls, move more assets into cold storage, and implement enhanced monitoring tools.

Bybit’s 2025 Heist

In February 2025, Bybit suffered a massive breach that saw 400,000 ETH, valued at roughly $1.5 billion, drained from its hot wallets. Early reports suggested that attackers had compromised private key material. In response, Bybit invested heavily in on-chain surveillance, improved wallet segregation, and hired outside auditors to review its security posture.

KAI’s Recent Loss

KAI’s June 2025 incident involved the unauthorized removal of $5 million from its margin funds. Investigators indicate that the breach stemmed from a weakness in KAI’s own infrastructure rather than any public network flaw. Still, the fact that all three exchanges share One Central has prompted industry observers to ask whether the building’s shared services—power, cooling, or network backbone—could be a hidden risk factor.

Co-Location and Shared Infrastructure Risks

Exchanges of this scale do not rely on public Wi-Fi for sensitive operations. They use private, encrypted networks and virtual private networks (VPNs) for internal systems. However, sharing a building means potential overlap in infrastructure components such as network switches, firewalls, or vendor-managed equipment. If any shared element is misconfigured or left unpatched, attackers might exploit that gap to move laterally between tenants.

At One Central, each exchange maintains separate network segments. Yet mistakes in configuration or delays in applying firmware patches can create a weakness that affects all tenants. While there is no direct evidence that any of these three hacks originated through a shared building vulnerability, the pattern of repeated losses at the same address cannot be ignored.

Steps Taken to Strengthen Security

Key Takeaway for the Industry

One Central may stand as a landmark for Dubai’s crypto ambitions, but it also illustrates that no location can guarantee absolute safety. The true hotspot for hackers is often weak controls and outdated procedures rather than a specific building. By treating shared infrastructure as a potential risk factor and maintaining rigorous security practices, exchanges can better protect customer funds even in a high-value co-location environment.


This report was prepared by Crypto Security Watch, a Jakarta-based nonprofit monitoring crypto security incidents worldwide.

Website: cryptosecuritywatch.com
Email: info@cryptosecuritywatch.com