KyberSwap exchange hacked for $50 million

Kyberswap crypto exchange was exploited by an unknown hacker. That hacker succeeded in draining nearly $50 million worth of Crypto assets from the platform. 

KyberSwap is an averagely popular Dex aggregator which provides a way for crypto traders to buy and sell tokens in a decentralised manner. The whole transaction take place directly on the on-chain without any involvement of a centralised body.

On 23 Nov 2023, the KyberSwap team announced that the platform was hacked by some unknown hacker and suggested that KyberSwap users should not click any links related to this exchange by unofficial sources.

An initial report by the Lookonchain platform reported that hacker drained $46.5 million worth of crypto assets including 10,049 $WETH, 4,017 $wstETH, 3.98M $ARB coins.

The hacker himself confirmed that he would negotiate with the KyberSwap team.

So here we can consider that the KyberSwap team will recover at least 90% of the stolen funds but this incident will surely create a big panic among the KyberSwap users over the security of their funds.

So far no update has come from the KyberSwap team which means practically no development took place between the exploiter & the exploited exchange team. 

The trade price of the Kyber Network Crystal (KNC) token crashed by only 2.63% following this hacking report. 

Earlier this, just a couple of days ago, The HECO bridge from Justin Sun’s HTX, formerly Huobi, suffered a massive hack. In that hacking incident, the exploiter drained nearly $83 million worth of crypto assets, including 346 billion Shiba Inu (SHIB) tokens. 

Justin confirmed that the exchange will compensate against all the loss that occurred with HTX’s hot Crypto wallets. And also exchange suspended services until completion of the whole investigation to make sure hackers will not be able to attack again.

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