- Decentralized exchange KyberSwap experienced a major exploit, resulting in a loss of $46.5 million.
- The Kyber team urgently notified users of a security incident, advising immediate fund withdrawal.
- The attacker deposited stolen USDC to Aave and provided liquidity on Uniswap.
Decentralized exchange KyberSwap became the latest victim of a major exploit, with $46.5 million drained from the platform earlier today.
In an urgent tweet, the Kyber team informed users that “KyberSwap Elastic has experienced a security incident” and strongly advised everyone to withdraw funds immediately as a precaution.
According to the on-chain analytics platform Lookonchain, the attacker deposited some stolen USDC to lending protocol Aave and provided liquidity on Uniswap.
The attacker managed to exploit KyberSwap, siphoning off assets that included 10,049 WETH, valued at $20.78 million, 4,017 wstETH, amounting to $9.53 million, and 3.98 million ARB tokens, equivalent to $4.1 million.
Adding a layer of intrigue to the incident, the attacker, who seemingly orchestrated the breach, teased that negotiations with the KyberSwap team would commence after a period of rest. In an additional taunt, the hacker asked, “How is Ontario this time of year?
Following the incident, KyberSwap’s total value locked dropped by almost 70%, according to tracker DeFi Llama. The team is investigating the breach and has promised regular updates. Additionally, the price of Kyber Network Crystal (KNC) dropped by over 3% to $0.7252.
Hacks and exploits have been on the rise recently. Hours before the KyberSwap hack, Heco Bridge fell victim to a hack. According to on-chain data, over $86.6 million in crypto assets were looted from numerous suspicious addresses.
Addressing the hack in a recent X post, Tron founder Justin Sun assured that HTX will fully compensate for HTX’s hot wallet losses. On November 10, crypto exchange Poloniex suffered an attack in which over $100 million was looted.
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