KyberSwap cryptocurrency reports attack, theft of $54.7 million user cryptocurrency
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The cryptocurrency exchange platform KyberSwap, reported a significant security breach where roughly $54.7 million in user cryptocurrency was stolen. The cyberattack took place on Wednesday 22nd of November and involved a complex set of transactions that allowed the attackers to transfer user funds to their own digital wallets. The company took action by suspending deposits and initiating a thorough investigation. They informed relevant authorities and directly engaged with the attackers, proposing a 10% bounty of the stolen funds as an incentive for the return of the assets.
The company has described the incident as one of the most sophisticated attacks in the decentralized finance (DeFi) sector to date, emphasizing the precision required by the attackers to execute a sequence of on-chain actions to exploit a vulnerability successfully. In an urgent advisory, KyberSwap requested its users to withdraw their funds while they probed the breach.
No details about the attack or the number of affected individuals are available. Supporting KyberSwap's assessment, several blockchain security firms and researchers concurred that the hack was indeed complex, ans was a directed attack against the liquidity pools.
The hacker, indicated on the blockchain that they are willing to negotiate the return of the funds.
