From decentralized exchanges (DEX) KyberSwap announced that it was subjected to a hacking attack worth approximately 50 million dollars. Administrators will soon ‘negotiate’ with the attacker, as the hacker requested. According to the statements made, investors are advised to withdraw their assets to secure them until a second announcement.
On-chain data reveals that the hacker stole funds mostly in Ethereum, wrapped ETH (wETH) and USDC. The attacker also targeted multiple cross-chain distributions of KyberSwap; He stole $20 million from Arbitrum, $15 million from Optimism, and $7 million from Ethereum.
On-chain analysts suggested that this was related to a bug in the DEX’s confirmation authorization code and that the theft was an attack on the liquidity provider pools themselves.
The hacker made fun of the authorities by saying, “Negotiations will begin in a few hours when I am fully rested.” The attacker also asked, “How is Ontario this time of year?”
Hackers having their victims sign transactions via text is an increasingly common trend in decentralized finance exploits.
According to DeFiLlama, the DEX currently has $22.23 million in total value locked (TVL), up from around $80 million before the attack.