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HomeCrypto NewsMarketMulti-Chain DEX KyberSwap Loses $265k In Latest DeFi Exploit

Multi-Chain DEX KyberSwap Loses $265k In Latest DeFi Exploit


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KyberSwap front-end compromised in $265k exploit.

Kyber Network, a decentralized finance (DeFi) liquidity hub behind the multi-chain decentralized exchange (DEX) KyberSwap, in a Twitter thread on Thursday, disclosed that it has identified and neutralized an attack on the KyberSwap front-end. 

However, about $265k was stolen from two whale addresses before the team resolved the issue. While the platform assures that the problem has been resolved, it has urged customers to exercise caution and revoke any malicious approvals, leaving instructions in a medium blog post.

“We identified and neutralized an exploit on the KyberSwap frontend. Affected users will be compensated… USD$265K of user funds were lost, with 2 affected addresses, and users will be compensated. It appears the attacker was targeting whale wallets,” Kyber Network notes in the thread on Twitter.

Kyber Network reveals that its team resolved the exploit within two hours after it observed suspicious elements in KyberSwap’s front end. Additionally, the liquidity hub discloses that the source of the exploit was malicious code in its Google Tab Manager (GTM). Notably, Kyber Network reveals that it has been able to track down the addresses associated with the hacker, including an OpenSea account.

The liquidity hub warns other DeFi platforms to thoroughly investigate their GTM as the hacker may have targeted multiple platforms. 

In a message to the attacker, the platform notes that it is in contact with various exchanges, taking steps to ensure that the hacker will not be able to cash out on the stolen funds without revealing their identity. In addition, Kyber Network has offered the hacker 15% of the stolen funds as a bug bounty reward in return for returning the funds and speaking with the team.

It bears mentioning that this year has been rife with crypto hacks. For example, Chainalysis, in its mid-year crypto crime update, reveals that $1.9 billion has been lost in the first six months of 2022 compared to $1.2 billion within the same period in 2021. 

Most recently, The Crypto Basic reported that about $5 million in crypto assets were lost in a Solana wallet drain linked to a possible Slope wallet exploit.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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