Security

<div class="coinjournal">
 <ul>
  <li>KyberSwap is yet to get back the $7 million that was stolen on November 22.</li>
  <li>The decentralized exchange has offered a 10% bounty to the hacker in a bid to get the funds back.</li>
  <li>Security firm Beosin unveils the intricacies of the exploit, attributing the attack to a vulnerability in Kyber’s liquidity pools.</li>
 </ul>
 <p>Following the $47 million KyberSwap hack on November 22, the decentralized exchange protocol has made a bold move in an attempt to recover the funds.</p>
 <p>The protocol has <a rel="noopener noreferrer nofollow" title="offer" href="https://thebittimes.com/tag/offer.html">offer</a>ed a <a rel="noopener noreferrer nofollow" title="bounty" href="https://thebittimes.com/tag/bounty.html">bounty</a> in a bid to encourage the <a rel="noopener noreferrer nofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a> to return the stolen assets.</p>
 <h2 id="incentive-for-the-hacker">Incentive for the hacker</h2>
 <p>In response to an on-chain message left by the perpetrator, KyberSwap has offered a 10% bounty (amounting to $4.7 million) to the hacker who executed the exploit.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a> had hinted at negotiations with the KyberSwap team, stating, “Dear Kyberswap Developers, Employees, DAO members, and LPs, negotiations will start in a few hours when I am fully rested. Thank you.”</p>
 <p>KyberSwap’s co-founder, Victor Tran, conveyed a straightforward ultimatum in an on-chain message, presenting the hacker with a choice: return the funds or “stay on the run.” The bounty offer is contingent on the hacker returning the remaining 90% of the stolen funds to a specified address by 6 am UTC on November 25.</p>
 <h2 id="the-kyberswap-attack">The KyberSwap attack</h2>
 <p>The attack targeted KyberSwap’s Elastic pools, exploiting a vulnerability related to the tick interval boundaries on Kyber’s liquidity pools. Security firm Beosin revealed that the flaw allowed the hacker to artificially double the liquidity, draining $47 million across various blockchains, including Arbitrum, &nbsp;Ethereum, Optimism, Polygon, and Base.</p>
 <p>The incident underscored the persistent challenges and security risks in the decentralized finance (DeFi) space. KyberSwap’s proactive approach of offering a bounty is aimed at mitigating the impact of the exploit and ensuring that liquidity providers are compensated for their losses.</p>
 <p>The situation remains fluid as the <a rel="noopener noreferrer nofollow" title="hacker" href="https://thebittimes.com/tag/hacker.html">hacker</a> has not responded to the <a rel="noopener noreferrer nofollow" title="bounty" href="https://thebittimes.com/tag/bounty.html">bounty</a> proposal, maintaining silence since the attack on November 22.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/kyberswap-offers-a-10-bounty-to-hacker-who-stole-47m-tbt71484.html">https://thebittimes.com/kyberswap-offers-a-10-bounty-to-hacker-who-stole-47m-tbt71484.html</a></p>

KyberSwap offers a 10% bounty to hacker who stole $47M

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TheBitTimes

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