Bounty

Million

<p>The post <a href="https://coinpedia.org/news/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack/">KyberSwap Offers 10% Bounty to Hackers for Stolen $50 Million</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a bold move, <a href="https://coinpedia.org/crypto-live-news/kyberswap-hacked-for-50-million-users-urged-to-withdraw-funds/">KyberSwap</a>, a major decentralized exchange (DEX) aggregator, is currently negotiating with the mastermind behind a recent $50 million hack. The exchange is proposing a groundbreaking solution—a 10% bounty, matching the funds stolen from users, in exchange for the secure return of all stolen assets.</p> 
<p>Here are some more details for you!</p> 
<h2 class="wp-block-heading" id="h-the-hack-and-its-aftermath"><strong>The Hack and its Aftermath </strong></h2> 
<p>On <a href="https://coinpedia.org/news/kyber-swap-liquidity-pools-drained-hackers-loot-over-47-million/">November 23</a>, a smart contract reentrancy attack led to a devastating loss of approximately $50 million across different networks. The consequences were swift and severe, with KyberSwap’s Total Value Locked (TVL) dropping by a whopping 90%, from around $80 million to just $7.78 million. This incident highlighted the serious risks associated with vulnerabilities in smart contracts.</p> 
<p>The decentralized autonomous organization (DAO) overseeing KyberSwap’s DEX is taking an unconventional approach. Recognizing the complexity of the hack, the DAO aims to negotiate with the attacker. The proposed solution involves a unique 10% bounty offer, paving the way for an unprecedented resolution.</p> 
<p>Read More: <a href="https://coinpedia.org/news/unprecedented-cyber-attacks-shake-the-crypto-world-in-november/">Unprecedented Cyber Attacks Shake the Crypto World in November</a></p> 
<h2 class="wp-block-heading" id="h-the-ultimatum-is-clear">The Ultimatum is Clear </h2> 
<p>In an unexpected turn, KyberSwap has directly contacted the hacker, issuing a clear ultimatum. The platform is offering a 10% bounty, equivalent to the funds taken, for the secure return of all stolen assets. The DAO has set a deadline for the attacker to return 90% of the stolen funds to a specified crypto wallet address by 6 am UTC on November 25 or face severe consequences.</p> 
<p>Understanding the complexity of the situation, KyberSwap’s team is providing the hacker with a private channel for resolution. </p> 
<p>An email address has been given for confidential communication, allowing the parties involved to discuss and settle matters discreetly.</p> 
<h2 class="wp-block-heading" id="h-kyber-network-s-prep-for-the-future"><strong>Kyber Network’s</strong> Prep for the Future </h2> 
<p>Following the breach, Kyber Network quickly advised users to withdraw their funds as a precautionary measure. The team is actively investigating the incident, aiming to understand its full extent. They are committed to enhancing security measures to fortify the platform against future vulnerabilities, as reported by <a href="https://coinpedia.org/crypto-live-news/kyberswap-hacked-for-50-million-users-urged-to-withdraw-funds/">Coinpedia</a>.</p> 
<p>This incident emphasizes the critical need for robust security protocols in decentralized finance (DeFi) platforms, particularly in managing smart contracts.</p>

KyberSwap Offers 10% Bounty to Hackers for Stolen $50 Million

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