KyberSwap DEX shaken by alleged $47 mln exploit
Users urged to withdraw funds after security incident
KyberSwap swiftly acknowledged the security incident through a post on X, urging all users to promptly withdraw their funds.
Dear Kyberswap Developers, Employees, DAO members, and LPs, Negotiations will start in a few hours when I am fully rested. Thank you.
Upon scrutinizing the situation, 0xngmi, a pseudonymous employee at crypto data site DefiLlama, clarified that it wasn’t an approval issue with Kyber aggregator. Instead, the hacker seemed to be systematically draining the Kyber liquidity provider pools.
The repercussions of this exploit were immediate, with the price of Kyber Network Crystal (KNC) experiencing a sharp decline. It was trading at $0.731 at press time, according to TradingView.
