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KyberSwap (DEX) Faces $48 Million Hack, Hacker Urges for Negotiations

Although the exchange is negotiating with the hackers, KyberSwap has advised the customers to withdraw their funds as a precautionary measure.

ShahZaib Ahmed

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kyberswap got hacked

Amid fluctuating markets, hackers are on the move and recently hacked a prominent decentralized exchange, KyberSwap. Hacker has rolled out $48 million in funds out of the exchange and now teasing the exchange for the negotiations. Although the exchange is negotiating with the hackers, KyberSwap has advised the customers to withdraw their funds as a precautionary measure.

Before the hack, KyberSwap had more than $80 million in total locked value. Hackers exploited the exchange by rolling out approximately $48 million and now teasing the exchange for negotiations.

Funds Stolen in USDC, Ether and Wrapped Ether (wETH)

Hacker has exploited the multi-chain deployments of the KyberSwap and stole millions of dollars from different chains. He took $20 million from Arbitrum, $15 million out of Optimism and around $7 million out of Ethereum. On-chain data disclosed that the hacker stole the funds mostly in USD Coin (USDC), Ether (ETH) and wrapped Ether (wETH).

Also Read: Crypto Scams, Hacks, and Exploits Drained $1 Billion This Year, Says a Report

On-Chain Sleuths Comment on the Hack

On-chain experts have confirmed that this hack isn’t because of any kind of bug in the exchange but the attacker has directly attacked the liquidity provide pools.  Moreover, the attacker targeted the flagship product of the multiple on-chains, KyberSwap which offers smart trading to maximize the products.

Exchange is Negotiating with the Hackers

DEX management is now in negotiation with the hackers and advised the users to withdraw their holdings on an immediate basis as a precautionary measure. The hacker responded with a message that he would consider negotiations when he is fully rested.

hacker send a message to dex

It is highly advisable to be cautious about investing or trading digital assets as amid the fluctuating crypto market, hackers are on the move. Do complete research, and check out the privacy features of any decentralized exchange to ensure the safety and security of your digital assets.  

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