KyberSwap Decentralized Exchange Sees $46 Million in Crypto Stolen
If you have funds in KyberSwap Elastic, make sure to withdraw them after the exchange experienced a security issue. The incident led to the loss of around $46 million in various crypto assets.
Blockchain Sleuths Identify Exploited Wallets
Experts identified the impacted and exploiter wallet addresses, confirming that the funds were pilfered in the attack. The stolen crypto assets were split across multiple chains, including Arbitrum, Optimism, Ethereum, Polygon, and Base.
The Aftermath of the Attack
After the hack, KyberSwap’s total value locked (TVL) plummeted by 68%, causing almost $78 million to leave the protocol. This led to a significant decrease in TVL, which now stands at $27 million, down from its peak of $134 million in 2023. As a result of the exploit, Kyber Network Crystal KNC token prices saw a brief 7% dip before recovering.
Hot Take
Needless to say, the security breach in KyberSwap has prompted a significant loss and a decline in total value locked. This unfortunate incident highlights the ongoing challenges and risks associated with decentralized finance platforms, emphasizing the need for robust security measures to protect users’ funds and assets.
By
By
By
By