Millions Stolen from KyberSwap’s Elastic Pools Liquidity Solution
A suspicious incident occurred recently where $47 million was drained from KyberSwap’s Elastic Pools liquidity solution. As a result, KyberSwap urged all users to withdraw their funds immediately. Interestingly, the culprit behind the exploit left a message encoded in blockchain data, stating that negotiations would commence once they were “fully rested.”
In an update yesterday, the KyberSwap team announced that they had successfully recovered $4.7 million of the stolen funds.
Author Information
Ryan Weeks is the deals editor at The Block, specializing in fundraising, M&A, and institutional trends within the crypto industry. He has a particular interest in investigative work and encourages readers to provide tips. Ryan has previously worked for Financial News, Dow Jones as a fintech correspondent in London, and has written for various publications including Sifted, AltFi, and Wired. In addition to his journalism career, Ryan enjoys staying active through activities such as running, rugby, climbing, and tennis.
Hot Take: Recovery Efforts Show Promise for KyberSwap
The recent recovery of $4.7 million by KyberSwap demonstrates their commitment to protecting user funds and resolving security breaches. Despite the initial loss of $47 million, the team’s efforts have resulted in a significant portion of the stolen funds being retrieved. This successful recovery not only showcases KyberSwap’s dedication to its users but also sends a strong message to potential attackers that they will not go unpunished. Moving forward, it is essential for KyberSwap to continue prioritizing security measures to prevent similar incidents from occurring in the future.
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