The leading decentralized exchange, KyberSwap, has suffered a hack of almost $50 million
The administrators of KyberSwap have reported a security incident and advised users to withdraw their funds for safety. The hack did not affect KyberSwap’s aggregator. However, on-chain security firms estimate that the stolen funds include around $20 million in wrapped ether (wETH), $7 million in wrapped Lido-staked ether (wstETH), and $4 million in arbitrum (ARB). The stolen funds were distributed across various networks such as Base, Optimism, Ethereum, Polygon, and Arbitrum. As a result of the hack, KyberSwap’s total value locked (TVL) dropped by 68%, with approximately $78 million leaving the protocol. The price of the Kyber Network Crystal KNC token also experienced a temporary decline but has since recovered.
Conclusion
KyberSwap is one of many crypto platforms that have fallen victim to hacks in 2023. DeFi platforms are particularly targeted by hackers. Private key compromise is a common cause of crypto hacks, along with exit scams and Oracle compromises. It is crucial to protect your assets from such incidents. However, it’s important to note that the information provided is not financial advice but for educational and informational purposes only. Investing in Bitcoin and other cryptocurrencies carries high risks, so conduct thorough research before making any investment decisions.
By
By
By
By
By
By