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KyberSwap Hacked for $48 Million, Hackers Suggest Negotiations

KyberSwap, a decentralized exchange, recently fell victim to a hack, resulting in the theft of $48 million. In response to the security breach, the platform has advised users to withdraw their funds, while the attackers have suggested the possibility of entering negotiations.

On-chain data reveals that the hack on KyberSwap led to substantial losses totaling $48 million across various blockchain networks. The affected networks include Arbitrum (with $20 million stolen), Optimism (with $15 million stolen), and Ethereum (with $7 million stolen).

The stolen funds were primarily in Ethereum (ETH), Wrapped Ethereum (wETH), and USD Coin (USDC). Initial analysis of the incident suggests that the attack targeted the exchange’s liquidity pools directly rather than exploiting a vulnerability in the platform’s code.

Kyber Network has issued notifications urging users to withdraw their funds following a security incident on KyberSwap Elastic. The company expressed regret over the incident and advised users to take precautionary measures. The hackers, leaving an on-chain message, hinted at potential negotiations, stating, “Negotiations will start in a few hours when I am fully rested. Thank you.”

Kyber Network emphasized that KyberSwap’s aggregator remains unaffected and is operating normally. The company is actively investigating the situation and commits to providing regular updates to users. While dealing with the aftermath of the security incident, Kyber Network has cautioned users about potential scams and advised against clicking phishing links or responding to direct messages.

KyberSwap, in addition to being a decentralized exchange (DEX), functions as an automated market maker (AMM) with liquidity protocols and concentrated liquidity. Unlike traditional exchanges that use order books, AMMs like KyberSwap utilize liquidity pools, enabling assets to be traded automatically.

Rampant Hacker Activities

The recent spate of hacks targeting exchanges for illicit profits continues, with several notable incidents. On November 22, the cryptocurrency exchange HTX and the blockchain protocol Heco Chain were both targeted in a hack resulting in the theft of $97 million worth of digital tokens. Prior to that, on November 19, Kronos Research experienced a breach that led to the theft of $26 million. These incidents underscore the ongoing challenges and risks faced by cryptocurrency exchanges and platforms in safeguarding user assets against sophisticated cyber threats.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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