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<h4 style="color: #252525;"><strong><span style="color: #252525;">The leading decentralized exchange, KyberSwap, has suffered a hack of almost $50 million. And the project’s administrators have urged users to withdraw their funds as a safety measure. </span></strong></h4> 
<p style="color: #252525;"><span style="color: #252525;">On November 23rd, Kyber Network alerted its users to the hack, stating that “KyberSwap Elastic has experienced a security incident.” Let’s explore more about this important news.</span></p> 
<h5><strong>What Happened with KyberSwap?</strong></h5> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;"><a href="https://www.altcoinbuzz.io/?s=KyberSwap" target="_blank" rel="noopener">KyberSwap</a> clarified that its aggregator was not affected by the hack. Interestingly, on-chain security firms claim that the hack swept around $20 million in wrapped ether (wETH), $7 million in wrapped Lido-staked ether (wstETH), and $4 million in arbitrum (ARB). </span></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Furthermore, the stolen funds were split among several networks, including Base, Optimism, Ethereum, Polygon, and Arbitrum.</span></p> 
<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;"></p> 
 <p>Dear KyberSwap Elastic Users,<br>We regret to inform you that KyberSwap Elastic has experienced a security incident. </p> 
 <p>As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we…</p> 
 <p>— Kyber Network (@KyberNetwork) <a href="https://twitter.com/KyberNetwork/status/1727475235342217682?ref_src=twsrc%5Etfw">November 22, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">According to <a href="https://defillama.com/protocol/kyberswap" target="_blank" rel="noopener">DefiLlama</a>, KyberSwap experienced a 68% decline in its total value locked (TVL) within a few hours. With about $78 million leaving the protocol as a result of customer withdrawals and the attack. Its TVL has decreased from its 2023 peak of $134 million to $27 million at this time.</span></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">Furthermore, news of the hack affected the price of the <a href="https://www.coingecko.com/en/coins/kyber-network-crystal" target="_blank" rel="noopener">Kyber Network Crystal KNC token</a>. The token dropped by 7% but has since rebounded to trade at $0.72.</span></p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">.<a href="https://twitter.com/KyberSwap?ref_src=twsrc%5Etfw">@KyberSwap</a> was exploited due to tick manipulation and double liquidity counting.<br>In summary, the attackers borrowed a flash loan and drained the pools with low liquidity. By executing swaps and altering positions, they manipulated the current prices and ticks of the victimized… <a href="https://t.co/wNGORP4CsT">https://t.co/wNGORP4CsT</a> <a href="https://t.co/lIQYe5SHi7">pic.twitter.com/lIQYe5SHi7</a></p> 
 <p>— BlockSec (@BlockSecTeam) <a href="https://twitter.com/BlockSecTeam/status/1727560157888942331?ref_src=twsrc%5Etfw">November 23, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5 style="color: #252525;"><strong><span style="color: #252525;">Conclusion</span></strong></h5> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">KyberSwap is one of the many crypto platforms that have suffered from a hack this year. Crypto hacks have surged in number in 2023, with DeFi platforms being a prime target for hackers.</span></p> 
<p style="color: #252525;"><span style="font-weight: 400; color: #252525;">So, private key compromise is said to be one of the most common causes of crypto hacks. Certik noted that exit scams and Oracle compromises were other popular exploits. We have an <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/how-to-protect-your-coins-from-hacks/" target="_blank" rel="noopener">article</a> showing you how to protect your assets from hacks.&nbsp;</span></p> 
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<h5 style="color: #252525;"><br style="color: #252525;"><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</h5> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/kyberswap-suffers-a-hack-of-almost-50-million/">KyberSwap Suffers a Hack of Almost $50 Million</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

KyberSwap Suffers a Hack of Almost $50 Million

Altcoin Buzz

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