Kyber Network team recovers $265 000 stolen in hack

According to the platform’s representatives, the attack vector on DEX KyberSwap was successfully identified and removed

07.09.2022 - 10:05

931

2 min

What’s new? The developers of Kyber Network’s DeFi liquidity protocol reported that the attack vector on decentralized exchange (DEX) KyberSwap was successfully identified and removed on September 4. According to the statement, two addresses were affected during the September 1 exploit. One of them has been fully compensated of all funds — $265,000 in cryptocurrency. The other wallet provided approval to the malicious script and successfully revoked it before losing any assets. There are no other addresses that were affected or lost funds as a result of this exploit, the protocol team stressed.

Kyber Network’s blog

Details of the hack. The vulnerability originated in the frontend of the KyberSwap exchange, after which the developers suspended its operation to investigate. Kyber Network reported that they were able to detect malicious code in the Google Tag Manager (GTM), which automatically approved transactions, allowing hackers to transfer user funds to their addresses.

After disabling the user interface, the project team managed to fix the vulnerability and user funds are now safe. In this, Kyber Network noted that the embedded script was aimed at the wallets of large investors with large amounts of money in their accounts.

On September 3, cryptocurrency exchange Binance identified two suspects in the hack. The head of the platform Changpeng Zhao confirmed that the information had been sent to the Kyber team. Binance began to coordinate its actions with law enforcement.

What is known about Kyber Network? It is a multi-chain DeFi protocol for trading cryptocurrencies and providing liquidity. It provides connectivity between various blockchains and other liquidity protocols. The project is managed by its own decentralized autonomous community, KyberDAO, and has the native token KNC. As of September 7, 09:15 UTC, the asset is trading at $1,7, having gained 1,12% over the past day, according to CoinMarketCap.

Author: