The Hacker Behind KyberSwap Hack Plans to Release Statement on Potential Deal
Last week, a hacker stole $46 million from decentralized exchange protocol KyberSwap. Now, the hacker has announced their intention to release a statement on a potential deal with the victims on November 30.
Hackers Respond to KyberSwap Executives and Threaten Legal Action
In response to the hack, hackers have left an on-chain message directed at KyberSwap executives, token holders, and liquidity providers. They claim that they will not be intimidated by legal threats and express their willingness to negotiate. However, if met with hostility, they suggest rescheduling for a later date or proceeding as planned on November 30.
KyberSwap’s Initial Bounty Deal and Threat of Legal Action
KyberSwap initially proposed a bounty deal in which the hacker would return 90% of the stolen funds in exchange for keeping the remaining 10%. However, when the hacker did not comply immediately, KyberSwap threatened legal action, leading to a bitter exchange between the two parties.
KyberSwap Recovers $4.67 Million
Following the hack, KyberSwap managed to recover $4.67 million from operators of front-running bots who had exploited vulnerabilities in the system. The team has not yet responded to the latest message from the hacker, leaving any potential agreement uncertain.
Hacker Exploited KyberSwap’s Concentrated Liquidity Feature
The hacker exploited a particular feature of KyberSwap’s liquidity mechanism, deceiving the contract into recognizing more liquidity than actually existed. This manipulation created an “infinite money glitch” situation.
Impact on KyberSwap and Speculations about the Hacker
The hack affected multiple networks and led to a significant drop in KyberSwap’s total value locked. Speculation in the user community suggests that the hacker may be the same individual responsible for the Indexed Finance attack, as both incidents are connected to crypto addresses.
Hot Take: The Ongoing Battle Between KyberSwap and Hackers
The ongoing battle between KyberSwap and the hackers highlights the challenges faced by decentralized exchanges in ensuring security. It also raises questions about the effectiveness of bounty deals and legal action in recovering stolen funds. As both parties continue to exchange messages and negotiate, the outcome of this conflict remains uncertain. However, it serves as a reminder of the importance of robust security measures in the crypto industry.
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