- Decentralized speech (DEX) protocol KyberSwap has been hacked for $47 million.
- The attacker drained $20 cardinal successful WETH, $4 cardinal ARB and $7 cardinal wstETH.
- KNC terms fell to $0.72 portion TVL plunged to $13.6 million.
DEX level KyberSwap has been hacked, with astir $47 cardinal worthy of crypto assets drained from its liquidity pools.
It is the latest onslaught successful the crypto industry, with this coming conscionable a time aft HTX’s HECO concatenation span suffered an $86 cardinal exploit.
KyberSwap exploited – what happened?
KyberSwap alerted its users to the exploit aboriginal Thursday, advising that customers retreat their funds arsenic a precaution.
🚨Urgent🚨
Dear KyberSwap Elastic Users,
We regret to pass you that KyberSwap Elastic has experienced a information incident.
As a precautionary measure, we powerfully counsel each users to promptly retreat their funds. Our squad is diligently investigating the situation, and we…
— Kyber Network (@KyberNetwork) November 22, 2023
However, portion it acknowledged the information incident, KyberSwap said the exploit did not interaction its aggregator, which was reportedly “operating afloat arsenic normal.”
According to Smart Contract and EVM concatenation audit level BlockSec, the KyberSwap exploit was “due to tick manipulation and treble liquidity counting.” The on-chain information said successful a station connected X that this was a flash indebtedness attack, with the hacker executing swaps and manipulating prices and ticks of targeted liquidity pools.
“Ultimately, the attacker triggered aggregate swap steps and transverse tick operations, resulting successful treble liquidity counting and consequently draining the pools,” BlockSec noted.
Stolen funds see $20 cardinal successful wrapped Ether (wETH), $4 cardinal successful Arbitrum (ARB) and $7 cardinal successful wrapped Lido-staked Ether (wstETH). The assets are dispersed crossed Ethereum, Arbitrum, Optimism, Polygon, and Base.
KyberSwap’s full worth locked (TVL) fell sharply aft the attack, with information from DeFiLlama showing $13.61 cardinal – down from implicit $83 cardinal earlier the exploit. The Kyber Network Crystal (KNC) token was down 3.1% astatine the clip of writing, trading adjacent $0.722.
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