{"id":87831,"date":"2023-11-23T03:44:16","date_gmt":"2023-11-23T08:44:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/kyberswap-hacked-for-48-million-hackers-suggest-negotiations\/"},"modified":"2023-11-23T03:44:19","modified_gmt":"2023-11-23T08:44:19","slug":"kyberswap-hacked-for-48-million-hackers-suggest-negotiations","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87831","title":{"rendered":"KyberSwap Hacked for $48 Million, Hackers Suggest Negotiations"},"content":{"rendered":"<div>\n<figure id=\"attachment_135519\" aria-describedby=\"caption-attachment-135519\" style=\"width: 1600px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-135519\" class=\"wp-caption-text\">Source: KyberSwap<\/figcaption><\/figure>\n<p>KyberSwap, a decentralized exchange, has been compromised in a hack resulting in the theft of $48 million, prompting the platform to <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/KyberNetwork\/status\/1727475235342217682\">advise users<\/a> to withdraw their funds while the attackers hint at entering negotiations.<\/p>\n<p>On-chain data indicates that the hack on KyberSwap resulted in significant losses of $48 million across several blockchain networks, including 20 million from Arbitrum, $15 million from Optimism and $7 million from Ethereum.<\/p>\n<p>The stolen funds were primarily deposited in Ethereum (ETH), Wrapped Ethereum (wETH), and USD Coin (USDC). The analysis of the incident indicates a direct attack on the exchange\u2019s liquidity pools instead of a vulnerability in the platform\u2019s code.<\/p>\n<p>Kyber Network has sent out notifications to advise users to withdraw their funds. \u201cWe regret to inform you that KyberSwap Elastic has experienced a security incident,\u201d said Kyber Network. \u201cAs a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we commit to keeping you informed with regular updates.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8Urgent\ud83d\udea8<\/p>\n<p>Dear KyberSwap Elastic Users,<br \/>We regret to inform you that KyberSwap Elastic has experienced a security incident. <\/p>\n<p>As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we\u2026<\/p>\n<p>\u2014 Kyber Network (@KyberNetwork) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/KyberNetwork\/status\/1727475235342217682?ref_src=twsrc%5Etfw\">November 22, 2023<\/a><\/p>\n<\/blockquote>\n<p>The hackers left an on-chain message, suggesting potential negotiations, \u201cNegotiations will start in a few hours when I am fully rested. Thank you.\u201d<\/p>\n<figure id=\"attachment_135530\" aria-describedby=\"caption-attachment-135530\" style=\"width: 1248px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-135530\" class=\"wp-caption-text\">Source: zapper.xyz<\/figcaption><\/figure>\n<p>The company stated that KyberSwap\u2019s aggregator is \u201cnot impacted\u201d and is \u201coperating fully as normal.\u201d In the meantime, Kyber Network reminds the investors of potential scams and not to click any phishing links or respond to direct messages.<\/p>\n<p>In addition to being a decentralized exchange (DEX), KyberSwap is also an automated market maker (AMM) with liquidity protocols and concentrated liquidity. Instead of using traditional order books like a conventional exchange, an AMM like KyberSwap uses liquidity pools that allow assets to be traded automatically.<\/p>\n<h2>Rampant Hacker Activities<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The hackers have recently been rampantly exploiting exchanges for profits. On Nov. 22, the cryptocurrency exchange HTX and blockchain protocol Heco Chain were hacked for $97 million worth of digital tokens. Earlier on Nov. 19, Kronos Research was also breached with $26 million stolen.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/kyberswap-hacked-for-48-million-hackers-suggest-negotiations.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: KyberSwap KyberSwap, a decentralized exchange, has been compromised in a hack resulting in the theft of $48 million, prompting the platform to advise users to withdraw their funds while the attackers hint at entering negotiations. On-chain data indicates that the hack on KyberSwap resulted in significant losses of $48 million across several blockchain networks, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-87831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KyberSwap Hacked for $48 Million, Hackers Suggest Negotiations | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: KyberSwap KyberSwap, a decentralized exchange, has been compromised in a hack resulting in the theft of $48 million, prompting the platform to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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