Crypto News

KyberSwap Hit by $50M Cyberattack, Sending Shockwaves Through Multiple Platforms

A cyber attacker successfully executed a $50 million heist on the DEX KyberSwap

A cyber attacker successfully executed a $50 million heist on the decentralized exchange KyberSwap, urging users to withdraw their assets as soon as possible.

The attacker primarily targeted Ethereum and USDC funds, carrying out multiple attacks across multiple KyberSwap platforms.

The hacker specifically stole $20 million from Arbitrum, $15 million from Optimism, and $7 million from Ethereum. The exploit exposed flaws in the exchange’s coding, affecting liquidity provider pools in particular.

In an audacious move, the hacker left mocking comments, hinting at future negotiations and even making jokes about their location, stating, “Negotiations will begin in a few hours when I am fully rested” and asking, “How is Ontario this time of year?”

The attack’s aftermath was swift and severe, causing KyberSwap’s Total Value Locked (TVL) to drop from $80 million to $22.23 million. This significant loss emphasizes the serious consequences of the security breach on the exchange’s overall assets.

Users are now on high alert as KyberSwap begins recovery efforts and strengthens its security measures in the aftermath of this cyber attack.

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Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.