Coinspeaker
DEX Platform KyberSwap Faces Exploit Losing $47M
KyberSwap, a decentralized exchange (DEX) protocol, has reportedly experienced a $47 million exploit, based on on-chain data. The funds were associated with its Elastic Pools liquidity solution.
Unexpectedly, funds from wallets linked to the protocol moved to a single wallet, as highlighted by a user known as Spreek on X. The affected funds include $20.7 million on Arbitrum, $15 million on Optimism, $7 million on Ethereum, $3 million on Polygon, and $2 million on Base.
A significant portion of the funds comprises various forms of Ether, including wrapped tokens and liquid staking tokens. This is also in addition to other tokens like Arbitrum (ARB) and various stablecoins.
DEX platform KyberSwap issued a cautionary post on X, notifying users of a “security incident” involving KyberSwap Elastic. It strongly advised users to promptly withdraw their funds in response to the situation. KyberSwap further noted:
“We regret to
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