Kyber Network Reports Security Incident
Kyber Network, the decentralized exchange aggregator, announced on November 22 that its market maker Kyberswap Elastic had experienced a security incident. In response, Kyber Network advised all users to withdraw their funds while an investigation is conducted.
Losses Estimated at $45 Million
Although Kyber Network has not disclosed the exact amount of funds lost, a social media user claimed that over $20 million was stolen in the initial attack. However, subsequent posts suggest that the losses may be even higher.
Cautionary Measures and User Reactions
In a later update, Kyber Network stated that its aggregator was unaffected and operating normally. The company also warned users to avoid clicking phishing links or responding to direct messages. However, some users criticized the timing of the warning, claiming scammers had already taken advantage of the situation.
Hot Take: Kyber Network Faces Significant Security Breach
Kyber Network’s recent security incident has resulted in the loss of crypto assets worth more than $45 million. While the exact details remain undisclosed, users are urged to promptly withdraw their funds. The incident has raised concerns about the security measures in place at Kyber Network and its associated platforms. It is crucial for crypto investors to remain cautious and vigilant when using decentralized exchanges and to follow recommended security practices to protect their assets.
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