Kyber Network Crystal Legacy

<ul><li>KyberSwap experienced a severe security breach, leading to a loss of around $46 million in cryptocurrencies and a drastic 70% drop in its total value locked.</li><li>The breach affected various networks including Ethereum, Arbitrum, and Optimism, with the hacker leaving messages indicating a willingness to negotiate.</li><li>The incident caused a temporary decline in Kyber Network token prices, highlighting the broader market&#39;s sensitivity to DeFi platform vulnerabilities.</li></ul>KyberSwap, a leading decentralized exchange (DEX) and liquidity provider, recently suffered a severe security breach, resulting in a substantial loss of approximately $46 million in cryptocurrency assets. This attack specifically targeted KyberSwap Elastic, a key component of the KyberSwap platform known for its advanced liquidity protocols and yield optimization strategies. As a result of the breach, there was a significant reduction in the platform&#39;s total value locked (TVL), which sparked widespread concern within the decentralized finance (DeFi) community.Prior to the attack, KyberSwap&#39;s TVL stood at approximately $85 million. However, following the incident, this figure plummeted by nearly 70%, dropping to around $14 million. As of the latest <a href="https://defillama.com/protocol/kyberswap" rel="noopener noreferrer nofollow">data</a> from DeFiLlama, KyberSwap&#39;s TVL is currently at $13.61 million, underscoring the substantial impact of the exploit.The breach saw the attacker siphoning off around $46 million in various cryptocurrencies, including significant amounts from Ethereum, Arbitrum, and Optimism networks. According to <a href="https://x.com/WuBlockchain/status/1727509077612536199?s&#61;20" rel="noopener noreferrer nofollow">data</a> from Wu Blockchain, the stolen funds were distributed as follows: $7 million on Ethereum, $20.7 million on Arbitrum, $15 million on Optimism, $3 million on Polygon, and an additional $2 million in Base.Read full article at<a href="https://cryptotale.org/kyberswap-falls-victim-to-major-security-breach-46-million-in-crypto-assets-lost/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

KyberSwap Falls Victim to Major Security Breach: $46 Million in Crypto Assets Lost

CryptoTale

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