A decentralized exchange (DEX) with a total value of over $80 million KyberSwapsuffered a cyber attack worth approximately $50 million. Administrators advise users to withdraw all funds as a precautionary measure.
KyberSwap Suffered a $50 Million Cyber Attack
On-chain data shows that the attacker stole funds mostly in Ethereum, wETH, and USDC.
The hacker also hit multiple cross-chain deployments of KyberSwap, stealing $20 million from Arbitrum, $15 million from Optimism, and $7 million from Ethereum.
On-chain research suggests that this is related to a bug in the DEX’s confirmation authorization code and that the theft is an attack on the liquidity provider pools themselves.
The hacker joked that “negotiations will begin in a few hours when I am fully rested.” The attacker also asked, “How is Ontario this time of year?”
Hackers enraging their victims by signing them with strings of text is an increasingly common trend in decentralized finance exploits.
KyberSwap currently has a total value locked (TVL) of $22.23 million, up from around $80 million before the attack.
It is not investment advice.
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