Million

Polygon

Crystal

<a href="https://bitcoinworld.co.in/kyberswap-lost-about-47-million-in-possible-exploit/" title="KyberSwap Lost About $47 Million In Possible Exploit" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Unexpected wallet movements suggest KyberSwap has suffered a $47 million exploit.</li>
 <li style="font-weight: 400">The funds seem to have been drained from liquidity providers.</li>
</ul>
Decentralized exchange protocol KyberSwap appears to have suffered a $47 million exploit, according to on-chain data. The funds were from its Elastic Pools liquidity solution.
Funds have been unexpectedly moved from wallets associated with the protocol into a <a href="https://debank.com/profile/0xc9b826bad20872eb29f9b1d8af4befe8460b50c6" rel="noopener noreferrer nofollow">single wallet</a>, as first pointed out by a user known as Spreek on X.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Kyber being exploited on all chains rn. here's an example tx on base. 20m+ lost already <a href="https://t.co/gvv7M9HWH6" rel="noopener noreferrer nofollow">pic.twitter.com/gvv7M9HWH6</a>
 — Spreek (@spreekaway) <a href="https://twitter.com/spreekaway/status/1727462694138024249?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The funds include $20.7 million Arbitrum, $15 million on Optimism, $7 million on Ethereum, $3 million on Polygon and $2 million on Base.
A large portion of the funds are denominated in various forms of ether, such as wrapped tokens and liquid staking tokens, as well as other tokens including arbitrum (ARB) and various stablecoins.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/over-85-million-has-been-transferred-from-heco-bridge-to-suspicious-addresses-in-an-exploit/" aria-label="“Over $85 Million Has Been Transferred From HECO Bridge to Suspicious Addresses In An Exploit” (Edit)" rel="noopener noreferrer nofollow">Over $85 Million Has Been Transferred From HECO Bridge to Suspicious Addresses In An Exploit</a>
KyberSwap Elastic lets liquidity providers choose their preferred price ranges while seeing their yields automatically compound.
“I looked into the [transaction] and dont think it’s an approval issue with kyber aggregator, seems like hacker is just draining the kyber [liquidity provider] pools,” noted 0xngmi, a pseudonymous employee at crypto data site DefiLlama, on X. He added that the total value locked in the protocol is $72 million. This doesn’t appear to have been affected.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 i looked into the tx and dont think its an approval issue with kyber aggregator, seems like hacker is just draining the kyber LP pools (TVL is 72M)
 — 0xngmi (@0xngmi) <a href="https://twitter.com/0xngmi/status/1727467421978526004?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The price of Kyber Network Crystal fell sharply on the news of the possible exploit.
“Looks like the Kyber exploits is flash loans and some sort of math/rounding issue. Each [transaction] is starting with an ETH balance coming in, looped mint/redeem/swap,” noted Adam Cochran, general partner at Cinneamhain Ventures, on X.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Looks like the Kyber exploits is flash loans and some sort of math/rounding issue.
 Each tx is starting with an ETH balance coming in, looped mint/redeem/swap.
 So likely not a risk to approvals from non-LPs but worth staying frosty
 — Adam Cochran (adamscochran.eth) (@adamscochran) <a href="https://twitter.com/adamscochran/status/1727469209737732459?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 22, 2023</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The post <a href="https://bitcoinworld.co.in/kyberswap-lost-about-47-million-in-possible-exploit/" rel="noopener noreferrer nofollow">KyberSwap Lost About $47 Million In Possible Exploit</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

KyberSwap Lost About $47 Million In Possible Exploit

ItsBitcoinWorld

Other articles published on Nov 23, 2023

Clearpool (CPOOL) Price Prediction 2024, 2025, 2030, 2040, and 2050

Pyth Network (PYTH) Maintains Bullish Sentiment Amid Impressive Price Surge

The Crypto Scalability Rush: GameStop Memes Leads With Shiba Memu & Cardano

Binance's CEO Resigns After $4.3 Billion Settlement with DOJ

Cloud Infrastructure Market Growth Shows Resilience Amid Economic Headwinds

Sandwich Attacks in DeFi: A Beginner’s Guide

Join our free newsletter for daily crypto updates!