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A significant breach has occurred at KyberSwap, a decentralized cryptocurrency exchange, resulting in the loss of around $46 million in various digital assets. This breach represents one of the most recent incidents in the world of decentralized finance.
On November 23, the Kyber Network, which operates KyberSwap, alerted its community through a social media post. They reported a security breach in KyberSwap Elastic and recommended that users immediately remove their funds for safety. The team is actively investigating the incident.
Investigators focusing on blockchain technology identified the wallet addresses involved in the incident. These addresses were still active shortly after the breach. The stolen assets included approximately $20 million in Wrapped Ether (wETH), $7 million in wrapped Lido-staked Ether (wstETH), and $4 million in Arbitrum (ARB). The stolen funds were spread across various blockchain platforms, such as Arbitrum, Optimism, Ethereum, Polygon, and Base.
Understanding the Attack's Mechanics
A blockchain expert known as Spreek noted on social media that the issue likely did not stem from user approvals but was connected to the total value of assets in KyberSwap's pools. Meanwhile, the hacker left a digital message for the protocol's developers and its decentralized autonomous organization (DAO), suggesting they intended to start negotiations after some rest.
Impact on KyberSwap and Response
Following the hack, KyberSwap's total value locked (TVL) dropped dramatically by 68%, with nearly $78 million withdrawn by users in response to the breach. The current TVL is about $27 million, a steep fall from its 2023 high of $134 million. The value of Kyber Network Crystal (KNC) tokens briefly fell by 7% when news of the hack emerged but later stabilized at $0.74.
Prior to this incident, Kyber Network had identified a vulnerability in April, urging users to withdraw their liquidity. However, no losses were reported in that event. This recent theft underscores the ongoing challenges in ensuring the security of decentralized finance platforms.
The Kyber Network team is investigating, and the breach's impact is already evident in the exchange's total value locked and token prices.
