DeFi Platform Kyber Network Hacked; $46 Million Stolen
If you’re asking yourself how to recover from this, the answer might be to use kyber forks to withdraw funds. This is the advice of blockchain expert Spreek, who also thinks that the current exploit targeted the exchange’s pools only. He recommended withdrawing from kyber forks such as Horizondex on Linea until there is more info.
In yet another hack, a huge $46 million worth of funds was stolen from the DeFi platform Kyber Network. According to evidence found, the hacker made off with different tokens across multiple blockchains. These included wrapped Ether, wrapped BTC, DAI, USDC, and USDT, among other tokens.
Hacker’s Post-Exploit Messages
The hacking saga was further convoluted when the hacker left behind clues on how they pulled it off. The perpetrator even posted a step-by-step process before leaving a taunting message for Kyber Network’s community, suggesting negotiations would resume in a few hours once they had finished resting.
Devastating TVL Plummet
The incident caused Kyber Network’s TVL to plummet from $87.14 million to $14.7 million, a far cry from the DEX’s 2021 peak of $545.73 million.
Past Attacks on Kyber Network
This is not the first time the Kyber Network has been targeted. In September 2022, an unknown attacker made off with about $250k, and earlier this year, a vulnerability affecting liquidity providers was discovered. No funds were lost in the April incident.
Hot Take: Crypto Hacking Continues to Plague DeFi Platforms
It seems that the hacking of DeFi platforms is becoming increasingly frequent and severe. As a crypto investor, it is essential to constantly stay vigilant, ensure that you withdraw funds from platforms affected by hacks, and thoroughly research any platform before entrusting it with your funds.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.