Kyber Network, the developer of the first decentralized dynamic exchange Kyberswap, one of the leading exchanges in the crypto money world, attracted attention with its announcement on April 17, 2023! Experts reported that there is a potential security vulnerability in the stock market! So what’s next for this stock market? Here are the details…
The warning from this cryptocurrency exchange worries investors!
cryptocoin.com As we reported, Kyber Network, the developer of Kyberswap, one of the leading exchanges in the crypto money market, scared investors in the statements it made in the last 24 hours. Experts announced that there was a potential vulnerability in the contracts of the exchange with their announcement on April 17, and advised all liquidity providers to withdraw their funds as soon as possible.
While many cryptocurrency investors were concerned about the issue, the developers stated that no funds were lost. However, he advised liquidity providers (LPs) to withdraw their funds as a precaution. However, the funds at risk, according to the developers, are only disclosed as Kyberswap Elastic funds. The team said that Kyberswap Classic smart contracts do not contain vulnerabilities. The team stated in a separate message that farming rewards are temporarily suspended until a new smart contract is deployed. On the other hand, all rewards won before April 18, 2023 had already been distributed and were not affected by this pause.
The developer stated that he will update the community soon with an explanation of when funds can be safely deposited back into the protocol.
Kyberswap has also been hacked in the past months!
According to its official documentation, KyberSwap Elastic is a decentralized exchange (DEX) that allows LPs to provide “concentrated liquidity”. It allows them to set a price cap and price floor for the coins they deposit into the pool, rather than requiring them to provide liquidity for any given price point. LPs no longer charge if the price goes below the floor or above the ceiling. However, they charge higher if the price stays within the range they set. This contrasts with KyberSwap Classic, the previous incarnation of DEX, which does not allow concentrated liquidity.
On the other hand, as you may recall, Kyberswap’s user interface was hacked in September, and an attacker got away with $265,000 worth of crypto as a result. Crypto exchange Binance, which helped investigate a $265,000 hack on decentralized crypto exchange KyberSwap, identified two suspects who appeared to be responsible for the attack.
Due to hacking events, investors continue to worry as they point to past events. However, the increasing number of hacking incidents since 2022 has broken the trust of many investors in the market.
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