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November 24, 2023

Millions Stolen in KyberSwap Hack: DeFi Platform's Value Plummets

Emily Tremblay
Written byEmily TremblayWriter
Researched byNikos PapadopoulosResearcher

Decentralized finance (DeFi) platform KyberSwap has been hacked, resulting in the theft of tens of millions of dollars worth of virtual currencies. The hack has caused the value of KyberSwap's native asset to decrease.

Millions Stolen in KyberSwap Hack: DeFi Platform's Value Plummets

Details of the Hack

According to data from blockchain tracker Lookonchain, a total of $46.5 million worth of digital assets were stolen from KyberSwap. The stolen assets include $20.78 million worth of Wrapped Ethereum (wETH), $9.53 million worth of Lido-wrapped staked Ethereum (wstETH), and $4.1 million worth of layer-2 scaling solution Arbitrum (ARB).

The exploiter, who remains unidentified, has expressed a willingness to negotiate, although no specific details have been provided.

Warning to Users

In response to the hack, KyberSwap has issued a warning to its users on the social media platform X. The decentralized exchange (DEX) protocol advises all users to withdraw their funds immediately as a precautionary measure. The KyberSwap team is actively investigating the security incident and promises to provide regular updates to users.

Impact on Kyber Network Crystal (KNC)

The native asset of KyberSwap, Kyber Network Crystal (KNC), has experienced a 2.75% decrease in value during the last 24 hours. At the time of writing, KNC is trading at $0.721.

Takeaway

The hack of KyberSwap highlights the vulnerabilities of decentralized finance platforms. Users are urged to exercise caution and conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. It is crucial to be aware of the risks involved and to take appropriate measures to protect one's funds.

About the author
Emily Tremblay
Emily Tremblay
About

Emily, a dynamic blend of tech-savvy and casino enthusiast, hails from the snowy landscapes of Canada. With her innate grasp of cultural nuances, she ensures online casino guides resonate deeply with Canadians. Emily's spirited and engaging nature makes her a favourite among peers.

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