SwissBorg

Celsius

Solana

Million

Mixin

SwissBorg, a Switzerland-based crypto wealth management platform, said hackers exploited a vulnerability in the systems of its staking partner Kiln, stealing about 193,000 Solana tokens worth roughly $41 million from its Earn program.
Solana (SOL) is the fifth-largest blockchain by market capitalization, with a circulating market value of about $78 billion as of early September 2025, making exploits on its ecosystem especially high-profile.
The company stressed that its main app and other Earn products were not affected, and operations remain normal. Affected customers, representing around 1% of SwissBorg’s user base and 2% of total assets, will be contacted directly, it said in a post on X.
SwissBorg has more than 750,000 verified users across Europe and manages client assets of roughly $1.2 billion, according to company disclosures earlier this year.
<h2 id="a-contained-but-costly-breach">A contained but costly breach</h2>
The attack targeted Kiln’s application programming interface (API), which SwissBorg used to connect its app to Solana’s staking network. By manipulating API requests, hackers siphoned tokens from accounts linked to SwissBorg’s Solana Earn product. Blockchain data shows the stolen funds were routed to a Solana wallet now flagged as the “SwissBorg Exploiter” on Solscan.
On-chain investigators noted that the attackers quickly split the haul into smaller tranches and used decentralized exchanges to obfuscate their trail, a tactic also seen in recent hacks on Curve Finance and Mixin Network.
“This is a big amount of money, but it doesn’t put SwissBorg at risk,” CEO Cyrus Fazel said during an X Space shortly after the breach was disclosed, calling it “a bad day” but not a fatal blow. He added the company has enough reserves to reimburse affected customers and has already begun working with exchanges, international agencies, and white-hat hackers to recover funds. Some suspicious transactions have reportedly been frozen.
Fazel also revealed that SwissBorg maintains a corporate treasury buffer equal to at least 5% of customer deposits specifically to cover black swan events, an internal policy that will now be stress-tested.
SwissBorg’s Earn program allows users to deposit cryptocurrencies such as SOL, <a href="https://financefeeds.com/bit-digital-exits-bitcoin-mining-pivots-to-ethereum-staking/" rel="noopener noreferrer nofollow">BTC and ETH to earn staking</a> rewards through third-party infrastructure like Kiln, without directly managing validator nodes or DeFi protocols.
At the time of the breach, the Solana Earn product offered an annualized yield of about 7%, drawing heavy interest from retail investors. Overall, SwissBorg’s Earn suite contributes nearly 40% of the platform’s total revenues, making security of external integrations mission-critical.
The firm said the Solana hack will serve as a “learning experience” and vowed to tighten oversight of its external technology partners.
SwissBorg previously faced scrutiny in 2022, when the collapse of Celsius and Voyager raised questions about the safety of Earn-type programs. At the time, SwissBorg emphasized that it avoided risky lending and instead focused on staking-based yields — an approach now under renewed examination.
Kiln, which provides staking <a href="https://financefeeds.com/zircuit-launches-garfield-testnet-with-cancun-and-pectra-opcodes-enhanced-prover/" rel="noopener noreferrer nofollow">infrastructure across blockchains including Solana and Ethereum</a>, has not yet commented publicly on the breach. The Paris-based firm raised $17 million in a Series A round in 2022, backed by ConsenSys and Kraken Ventures, and manages more than $2 <a href="https://financefeeds.com/saxo-bank-increases-client-assets-five-fold-to-116-billion/" rel="noopener noreferrer nofollow">billion in staked assets for institutional clients</a>, according to PitchBook data.
The incident highlights ongoing vulnerabilities in crypto’s infrastructure layer, where service <a href="https://financefeeds.com/komainu-becomes-uk-fca-authorized-custodian-wallet-provider/" rel="noopener noreferrer nofollow">providers such as wallet custodians</a> and staking operators remain frequent targets for sophisticated exploits. According to Chainalysis, more than $1.4 billion has been stolen in crypto-related hacks so far in 2025, with infrastructure providers <a href="https://financefeeds.com/polymarket-whales-go-big-on-trump-victory-as-top-account-holds-nearly-30/" rel="noopener noreferrer nofollow">accounting for nearly 30%</a> of total losses.

Hackers Drain $41 Million in Solana From SwissBorg’s Earn Program

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