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<p>The post <a href="https://coinpedia.org/news/kyber-swap-liquidity-pools-drained-hackers-loot-over-47-million/">Kyber Swap Liquidity Pools Drained, Hackers Loot Over $47 Million.</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Kyber Swap, a key product of the Kyber Network, faced a significant security incident today, impacting several networks, including Orbitrum, Ethereum, and Polygon. On-chain experts suggest a possible hack, with losses estimated at around $47 million. The attack targeted the Elastic pools liquidity, substantially draining Kyber Swap’s LP pools.</p> 
<h2 class="wp-block-heading" id="h-alert-and-transaction-analysis"><strong>Alert and Transaction Analysis</strong></h2> 
<p>On-chain investigator Spreek brought attention to the suspicious transactions on crypto Twitter. The most significant theft occurred on the Arbitrum network, with $20 million stolen, followed by $15 million on Optimism, $7.5 million on Ethereum Mainnet, $2 million on Polygon, and $315,000 on Base. All funds have been traced to a single address: 0xc9b826bad20872eb29f9b1d8af4befe8460b50c6. Notably, this hack wasn’t caused by an approval-related issue but was a direct hit on the total value locked in Kyber pools.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">Kyber being exploited on all chains rn. here's an example tx on base. 20m+ lost already <a href="https://t.co/gvv7M9HWH6">pic.twitter.com/gvv7M9HWH6</a></p>— Spreek (@spreekaway) <a href="https://twitter.com/spreekaway/status/1727462694138024249?ref_src=twsrc%5Etfw">November 22, 2023</a>
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<h2 class="wp-block-heading" id="h-kyber-network-s-response"><strong>Kyber Network’s Response</strong></h2> 
<p>The Kyber Network has issued an urgent notice confirming the exploit. They’ve advised users to withdraw their funds from the exchange to prevent further loss. The team also cautioned against phishing links and unsolicited direct messages. KyberSwap’s aggregator remains unaffected and is fully operational.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Urgent<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Dear KyberSwap Elastic Users,<br>We regret to inform you that KyberSwap Elastic has experienced a security incident. <br><br>As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we…</p>— Kyber Network (@KyberNetwork) <a href="https://twitter.com/KyberNetwork/status/1727475235342217682?ref_src=twsrc%5Etfw">November 22, 2023</a>
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<h2 class="wp-block-heading" id="h-a-taunting-message-from-the-hacker"><strong>A Taunting Message from the Hacker</strong></h2> 
<p>In a bizarre turn, the hacker left an on-chain message for KyberSwap’s developers, employees, DAO members, and LPs, suggesting negotiations would begin after a rest. The letter ended with a taunting inquiry about the weather in Ontario.</p> 
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   <p lang="en" dir="ltr">&gt;what did they mean by this <a href="https://t.co/FJwEwkvDq9">pic.twitter.com/FJwEwkvDq9</a></p>— Spreek (@spreekaway) <a href="https://twitter.com/spreekaway/status/1727482221253001612?ref_src=twsrc%5Etfw">November 23, 2023</a>
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<h2 class="wp-block-heading" id="h-impact-on-kyber-network-and-market-reaction"><strong>Impact on Kyber Network and Market Reaction</strong></h2> 
<p>Following the attack, the Kyber network’s decentralized exchange shows a total value locked of $17.85 million, a significant drop from around $80 million pre-attack, according to <a href="https://defillama.com/protocol/kyberswap">DeFiLlama</a>. The network’s token price also fell from $0.8 to $0.7.</p> 
<p>November has witnessed a surge in cyber attacks on the crypto industry. This incident underscores the importance of vigilance and caution for users engaging with crypto platforms and investments.</p>

Kyber Swap Liquidity Pools Drained, Hackers Loot Over $47 Million.

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