KyberSwap DEX exploited for $46 million, TVL tanks 68%

Related: KyberSwap reveals prospective vulnerability, informs LPs to withdraw ASAPDefiLlama data reveals KyberSwaps total value locked (TVL) tanked by 68% over a few hours and almost $78 million left the procedure due to the hack and user withdrawals. A chart of KyberSwaps total value locked. The team identified a vulnerability in April, advising users to withdraw liquidity.

Blockchain sleuths highlighted the impacted and exploiter wallet addresses, which were still recently active.According to Debank data, around $46 million has actually been pilfered in the attack, including roughly $20 million in covered Ether (wETH), $7 million in wrapped Lido-staked Ether (wstETH), and $4 million in Arbitrum (ARB). The funds were split across several chains, consisting of Arbitrum, Optimism, Ethereum, Polygon, and Base. Kyberswap is being drained pipes, several sources report.If you have properties, withdraw pic.twitter.com/Y5ooYYzcTd— olimpio (@OlimpioCrypto) November 22, 2023

Around $46 million in various crypto possessions has actually seemingly been drained from the decentralized KyberSwap exchange in the most current decentralized finance exploit.On Nov. 23, the Kyber Network group notified its users stating in an X (Twitter) post that KyberSwap Elastic “has experienced a security occurrence.” It recommended users to withdraw their funds as a preventative measure and included it was examining the situation.UrgentDear KyberSwap Elastic Users, We are sorry for to inform you that KyberSwap Elastic has experienced a security event.

Around $46 million in different crypto properties has actually apparently been drained pipes from the decentralized KyberSwap exchange in the most current decentralized financing exploit.On Nov. 23, the Kyber Network team informed its users mentioning in an X (Twitter) post that KyberSwap Elastic “has experienced a security event.” It recommended users to withdraw their funds as a precaution and included it was examining the situation.UrgentDear KyberSwap Elastic Users, We are sorry for to inform you that KyberSwap Elastic has actually experienced a security event. Related: KyberSwap announces prospective vulnerability, tells LPs to withdraw ASAPDefiLlama data reveals KyberSwaps overall worth locked (TVL) tanked by 68% over a couple of hours and nearly $78 million left the protocol due to the hack and user withdrawals.

Other Questions People Ask

What happened to KyberSwap DEX that led to a $46 million exploitation?

KyberSwap DEX experienced a significant security incident where approximately $46 million in various cryptocurrencies was drained from the platform. This exploit resulted in a dramatic 68% drop in the total value locked (TVL), with nearly $78 million leaving the protocol due to both the hack and user withdrawals. The Kyber Network team has since alerted users to withdraw their funds as a precautionary measure while they investigate the situation.

How did the KyberSwap DEX exploit affect its total value locked (TVL)?

The exploit on KyberSwap DEX caused its total value locked (TVL) to plummet by 68% within a matter of hours. This drastic decline reflects the loss of nearly $78 million, primarily due to the hack and subsequent withdrawals by liquidity providers. The incident has raised concerns among users, prompting the Kyber Network team to advise immediate withdrawal of funds to mitigate potential losses.

What actions did KyberSwap take following the $46 million exploit?

In response to the $46 million exploit, KyberSwap promptly informed its users about the security event via social media, urging them to withdraw their funds as a safety measure. The team is currently investigating the incident and has acknowledged the vulnerability that was identified earlier in April. Users are encouraged to stay vigilant and monitor updates from Kyber Network regarding the situation.

What types of cryptocurrencies were affected in the KyberSwap DEX hack?

The hack on KyberSwap DEX resulted in the loss of various cryptocurrencies, including approximately $20 million in wrapped Ether (wETH), $7 million in wrapped Lido-staked Ether (wstETH), and $4 million in Arbitrum (ARB). These funds were distributed across multiple chains such as Arbitrum, Optimism, Ethereum, Polygon, and Base. The diverse nature of the assets involved highlights the extensive impact of this security breach on the platform.

What should users do in light of the KyberSwap DEX security incident?

In light of the recent security incident involving KyberSwap DEX, users should take immediate action by withdrawing their assets from the platform. The Kyber Network team has advised all liquidity providers to secure their funds as a precaution against further potential losses. Staying informed about updates from Kyber Network will also be crucial for users to understand the ongoing situation and any future measures being implemented.