The Decentralized Exchange Recovers Stolen Funds
After suffering a security attack, KyberSwap, a decentralized exchange protocol, has successfully recovered a portion of the stolen funds. Last week, the exchange reported a loss of $47 million from its liquidity pools. However, through negotiations with the operators of front-running bots, KyberSwap has managed to reclaim approximately $5.7 million in cryptocurrency that was taken from its pools on the Polygon and Avalanche networks during the hack.
The Recovery Process
In an agreement with the bot operators, 90% of the embezzled funds will be returned to a designated KyberSwap address on the Polygon network. As an incentive, a 10% bounty was offered to the operators. This means that KyberSwap will recover a total of $4.67 million.
Recovered Funds Details
The recovered funds include various cryptocurrencies such as axl-wstETH, WETH, wstETH, WMATIC, USDT, USDC, and more. These assets were targeted by the hacker across different blockchains including Arbitrum, Optimism, Ethereum, Polygon, and Binance Smart Chain.
Continuing Efforts to Retrieve Stolen Money
KyberSwap reassured its users that it will continue to make every effort to recover the remaining stolen funds. The team is also collaborating with law enforcement and cybersecurity experts to track down and retrieve users’ money from the perpetrator of the attack.
Hot Take: KyberSwap’s Successful Fund Recovery
KyberSwap’s proactive approach in negotiating with bot operators has resulted in the recovery of $4.7 million following a security attack. By reclaiming a significant portion of the stolen funds, KyberSwap has demonstrated its commitment to protecting user assets and taking decisive action in the face of a breach. The recovery process involved reclaiming cryptocurrency from different networks, highlighting the multi-chain nature of the attack. Moving forward, KyberSwap’s collaboration with law enforcement and cybersecurity experts indicates its determination to hold the perpetrator accountable and retrieve the remaining stolen funds.
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.