Kyber Swap exchange loses $47 million in exploit

The hacker declared himself ready to negotiate

23.11.2023 - 07:50

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3 min

What’s new? KyberSwap, a decentralized exchange (DEX) based on the Kyber Network protocol, has been hit by a reentrancy attack, resulting in a loss of $47 million. Assets on the Arbitrum, Optimism, Kyber Mainnet, Polygon, and Base networks were affected, according to auditing firm Hacken.

Source: Twitter.com

What else is known? The exchange’s team has launched an investigation into the incident and urged users to withdraw all their funds for security purposes. It is noted that the exchange’s aggregator was not affected by the exploit and is operating normally.

Source: Twitter.com

Despite this, the developer of the DeFiLlama analytics platform under the nickname @0xngmi said that he removed the KyberSwap aggregator from the list of data providers for security purposes.

Source: Twitter.com

The hacker later said he was willing to cooperate on the refunds. “Dear Kyberswap Developers, Employees, DAO members and LPs, Negotiations will start in a few hours when I am fully rested,” he said in a comment on the Ethereum transaction.

A day earlier, Justin Sun’s HTX exchange was hacked, with damage exceeding $86 million. In mid-November, another businessman’s exchange, Poloniex, lost $124 million as a result of the attack.

Last September, Kyber Network lost $265 000 in cryptocurrency due to a vulnerability in KyberSwap’s frontend. The Binance exchange later identified the hackers and handed over their details to law enforcers. Within a week, the project’s team compensated the funds stolen during the hack.

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