Recent reports reveal that Kyber network has suffered an exploit, with at least $47 million in losses recorded so far.
The Kyber Network has confirmed the attack, citing KyberSwap Elastic, and advising all users to promptly withdraw their funds.
Urgent
— Kyber Network (@KyberNetwork) November 22, 2023
Dear KyberSwap Elastic Users,
We regret to inform you that KyberSwap Elastic has experienced a security incident.
As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we…
KyberSwap Elastic is an upgrade to the existing protocol known as KyberDMM (now KyberSwap Classic). The new protocol inherited all the KyberSwap Classic strengths while introducing concentrated liquidity.
Reportedly, the attack has targeted all 15 chains of the network's flagship product, KyberSwap, which is the crosschain DEX and aggregator that enables users to trade smart and maximize earnings.
According to industry sleuths, the Kyber exploits are flash loans with some kind of rounding issue, as every transaction starts with an ETH balance coming in, looped mint/redeem/swap.
Kyber network exploit
On-chain detectives say it is an approval issue with Kyber aggregator, with the hacker probably just draining the Kyber LP pools.
This could mean that if someone were trading (swapping) there would not be any risk, with the bad actor only going for staked amounts in the liquidity pools. Traders are not affected by this exploit.
Kyber liquidity providers (LPs) are urged to withdraw their stakes immediately.
FXSteet team has contacted the Kyber Network for comments.
Hacker returns with a message
In an interesting turn, the hacker has returned with a message, saying, "Negotiations will start in a few hours when I am fully rested."
Kyber hacker message
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum Price Forecast: ETH ETFs post first weekly inflows since February
Ethereum ETFs recorded net inflows of $104.1 million on Friday — their highest daily inflow since February 4, per SoSoValue data. As a result, the products saw a weekly net inflow of $157.1 million, which also marks their highest net buying activity since February.
Defi Development Corporation files to offer $1 billion in securities to boost its Solana holdings
Defi Development Corporation filed a registration statement with the Securities & Exchange Commission on Friday, signaling its intent to offer and sell a wide range of securities.
Bitwise hints at NEAR ETF following Delaware registration
The filing marks a crucial step before a firm submits an application for an ETF with the SEC. While Bitwise has not yet applied for a NEAR ETF with the SEC, similar actions preceded its previous XRP and Aptos ETF filings.
Bitcoin price could reach $285K by 2030 as Citigroup forecasts $1.6 trillion stablecoin inflows
Bitcoin price outlook strengthens as Citigroup projects $1.6 trillion stablecoin growth, calling them critical bridges between banks and blockchain.
Bitcoin Weekly Forecast: BTC consolidates after posting over 10% weekly surge
Bitcoin (BTC) price is consolidating around $94,000 at the time of writing on Friday, holding onto the recent 10% increase seen earlier this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.