In a startling development, the decentralized exchange, KyberSwap has fallen victim to a significant exploit, resulting in the loss of approximately $46 million in various cryptocurrencies. According to the update given by KyberSwap on X, the attack targeted KyberSwap Elastic, prompting urgent advisories for users to withdraw funds.
Meanwhile, the incident raises questions about the vulnerabilities in decentralized finance platforms.
KyberSwap Security Breach
Kyber Network’s renowned decentralized exchange, KyberSwap, encountered a major security breach as approximately $46 million in crypto assets were drained. The exploit, which affected the KyberSwap Elastic protocol, triggered a rapid decline in the platform’s total value locked (TVL), plummeting by around 70% within hours, DeFiLlama data showed. According to the latest data, the platform’s TVL fell from $84.9 million to $14.32 million within a few hours following the news.
KyberSwap users were promptly notified to withdraw
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