Crypto News – Approximately $46 million worth of cryptocurrencies were lost as a result of a major exploit that affected the decentralized exchange KyberSwap, an unexpected outcome.
KyberSwap Crypto Hack: The Decentralized Exchange Lost $46 Million
KyberSwap Elastic was the target of the attack, according to an update provided on the X platform. As a result, users were advised to withdraw their money immediately.
Concerns concerning the weaknesses of decentralized finance platforms are also brought up by the occurrence.
Which Assets were Damaged in the Attack?
According to DeFiLlama statistics, the hack, which impacted the KyberSwap Elastic protocol, caused the platform’s total value locked (TVL) to drop precipitously—by almost 70% in a few hours. The platform’s TVL dropped from $84.9 million to $14.32 million in the few hours that followed the news, based on the most recent data.
Users of KyberSwap were alerted right away to withdraw their money as a safety precaution. Blockchain analysts discovered that the attacker had left on-chain communications that alluded to talks with liquidity providers, DAO members, workers, and protocol developers.
Optimism (OP), Ethereum (ETH), Base, and Arbitrum (ARB) are the main assets in the exploit that are impacted, according to DeBank statistics. After carefully examining the information, it appears that roughly $18.85 million in Arbitrum, $15.36 million in Optimism, and $7.44 million in Ethereum were destroyed.
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