Representatives of the decentralized exchange KyberSwap reported a hack of the Elastic Pools liquidity pool, as a result of which hackers withdrew about $47 million from the protocol.
🚨Urgent🚨
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…
— Kyber Network (@KyberNetwork) November 22, 2023
The hack was first discovered by user X under the pseudonym Spreek, pointing out suspicious withdrawal of funds.
Kyber being exploited on all chains rn. here’s an example tx on base. 20m+ lost already pic.twitter.com/gvv7M9HWH6
— Spreek (@spreekaway) November 22, 2023
Cinneamhain Ventures general partner Adam Cochran believes the exploit was made possible by the use of flash credits and “some kind of math.” He came to this conclusion because each attacker’s transaction began with the receipt of ETH to pay for the swap.
Previously unknown persons withdrew $25 million in cryptocurrencies from the Taiwanese trading platform Kronos Research.
On November 22, Justin Sun reported a hacker attack on the hot wallet of the HTX exchange and the Heco Bridge cross-chain bridge. Experts estimate that the damage exceeded $110 million.
Source: Cryptocurrency
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