You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

KyberSwap Retrieves $4.7 Million After Security Attack

The decentralized exchange protocol has managed to recuperate funds in the aftermath of a security breach last week.

Following the initial attack, KyberSwap reported a total loss of $47 million from its concentrated liquidity pools.

In a recent development, a partial recovery of funds has been achieved through negotiations with the operators of front-running bots. Approximately $5.7 million in cryptocurrency, taken from KyberSwap pools on the Polygon and Avalanche networks during the hack, has now been reclaimed, as reported by the exchange.

According to the negotiated agreement, the bot operators committed to returning 90% of the misappropriated funds to a specified KyberSwap address on the Polygon network. As an incentive, a 10% bounty was offered to the operators for their cooperation in the recovery process, resulting in KyberSwap reclaiming a total of $4.67 million.

As per KyberSwap’s update, the recovered funds comprise 361.92 axl-wstETH ($870.5k), 441.8 WETH ($919k), 261.5 wstETH ($624k), 711,430.9 WMATIC ($547.8k), 443,011.6 USDT ($443k), 385,630.7 USDC ($385.6k), and 65,130 USDT (~$65.1k).

The hacker specifically targeted KyberSwap’s Elastic pools, impacting funds across various blockchains such as Arbitrum, Optimism, Ethereum, Polygon, and Binance Smart Chain.

It’s worth noting that this negotiation is distinct from discussions with the primary hacker of the initial event, who had previously shown a willingness to enter into talks. Despite the team proposing a white hat bounty, it appears that progress in those negotiations has not been achieved thus far.

The hacker took advantage of a vulnerability linked to the tick interval boundaries within KyberSwap’s concentrated liquidity pools. Exploiting this weakness, the hackers artificially inflated liquidity, causing a depletion of assets from the pools.

After the initial recovery of funds, KyberSwap issued reassurances to its users, pledging to make every effort to recover the remaining stolen funds.

“Following this successful retrieval of users’ funds from the frontrun bots, we remain committed to supporting law enforcement and cybersecurity efforts to trace and recover users’ funds from the perpetrator of the exploit attack,” stated KyberSwap.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

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

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024