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Home»ADOPTION NEWS»KyberSwap is offering a 10% bounty to hackers for exploits worth $47 million.
ADOPTION NEWS

KyberSwap is offering a 10% bounty to hackers for exploits worth $47 million.

By Crypto FlexsNovember 26, 20232 Mins Read
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KyberSwap is offering a 10% bounty to hackers for exploits worth  million.
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Posted 1 minute ago In ~

Decentralized exchange protocol KyberSwap offered a 10% bounty to hackers who caused $47 million in losses.

An attack that occurred earlier this week targeted KyberSwap’s Elastic pool and compromised funds on several blockchains, including Arbitrum, Optimism, Ethereum, Polygon, and Base.

The perpetrator had previously left a message on the blockchain saying he was interested in negotiating with the team. The message read: “Dear Kyberswap developers, staff, DAO members and LPs, Negotiations will begin in a few hours after I have fully rested. thank you.”

Today KyberSwap offered a trade. In an on-chain message, the team offered an implicit white hat bounty reward of 10% of the stolen funds (about $4.7 million) on the basis that the hackers would return the remaining 90% to a specified address by 6am UTC in November. 25.

Ultimatum to attackers

In the message, KyberSwap co-founder Victor Tran said the hackers could return the funds or “keep running.”

The bounty offer is part of KyberSwap’s efforts to mitigate the consequences of the incident and make liquidity providers whole. Security firm Beosin explained that the vulnerability that led to the attack was caused by a tick interval boundary issue in Kyber’s liquidity pool. This allowed the hackers to artificially double the liquidity and then deplete it.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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