Kyber Network faced a security incident recently, leading to the loss of over $45 million in crypto assets from Kyberswap Elastic. The decentralized exchange (DEX) aggregator urged users to swiftly withdraw their funds while they investigate.
The incident, confirmed on Nov. 22, affected Kyberswap Elastic, the market maker within Kyber Network. While specifics about the extent of the funds lost remain undisclosed by Kyber Network, initial reports suggested a theft of more than $20 million. Subsequent updates hinted at the possibility of double the initial estimates, reaching a total of $47 million. Kyber Network clarified that this issue wasn’t related to approvals but centered around the total value locked in Kyber pools themselves.
https://x.com/spreekaway/status/1727464202514608249?s=20
The aftermath urged caution, with suggestions to withdraw from certain Kyber forks, like Horizondex on Linea, until more information surfaces. Despite this, Kyberswap’s aggregator reportedly continued normal operations, as stated in a subsequent update. However, warnings against phishing links and scams were issued, albeit some users claimed these came after scammers had already taken advantage of the situation.
The incident sparked varied reactions and concerns among users, some pointing out the delayed warning and the potential exploitation by scammers. A parody account even humorously sought refunds from Kyber Network.
What do you make of this unfolding situation? Share your thoughts in the comments below.
