1 year ago
The KyberSwap hacker has shown a willingness to negociate aft exploiting the decentralized speech for astir $45 million, according to on-chain messages.
The attacker publically messaged KyberSwap, stating negotiations would commence soon aft capable “rest:”
“Dear Kyberswap Developers, Employees, DAO members, and LPs, Negotiations volition commencement successful a fewer hours erstwhile I americium afloat rested. Thank you.”
The hack
In a Nov. 23 statement, Kyber Network confirmed that KyberSwap, its flagship decentralized speech product, was exploited for an undisclosed amount.
“As a precautionary measure, we powerfully counsel each users to promptly retreat their funds. Our squad is diligently investigating the situation, and we perpetrate to keeping you informed with regular updates,” Kyber Network wrote.
However, blockchain information steadfast Cyvers Alerts estimated the theft to beryllium astir $45 cardinal crossed antithetic chains, including $20 cardinal connected Arbitrum, $15 cardinal connected Optimism, $7.5 cardinal connected Ethereum, $2 cardinal connected Polygon, and $315,000 connected Base.
The steadfast added that the attacker was funded by the virtual cryptocurrency mixer Tornado Cash.
Cause of attack?
While the origin of the hack remains elusive, Adam Cochran, a spouse astatine Cinneamhain Ventures, suggested that the onslaught was a “flash loans and immoderate benignant of math/rounding issue.” He added:
“Each [transaction] is starting with an Ethereum equilibrium coming in, looped mint/redeem/swap.”
Doug Colkitt, the laminitis of Ambient Finance, a decentralized trading protocol, described the hack arsenic “easily the astir analyzable and cautiously engineered astute declaration exploit” helium has ever seen.
In an extended station connected societal media level X (formerly Twitter), Colkitt explained:
“First happening to enactment is this exploit is circumstantial to Kyber’s implementation of concentrated liquidity. There’s nary crushed to judge that different reputable concentrated liquidity dexes, similar Ambient oregon Uniswap, are astatine hazard from this exploit. (Though Kyber forks evidently are).”
Meanwhile, the theft importantly impacted the full worth of assets locked connected KyberSwap, plummeting to astir $13.61 cardinal from $84.9 million, arsenic per Defillama data.
Additionally, Kyber Network’s autochthonal token, KNC, is down much than 2% successful the reporting play to $0.72525 arsenic of property time, according to CryptoSlate’s data.
The station KyberSwap hacker opens doorway for negotiations aft $45 cardinal exploit appeared archetypal connected CryptoSlate.
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