- KyberSwap suffered a $2.5 million breach on Feb 26, raising decentralized exchange security concerns.
- A prior heist in Nov 2023 cost KyberSwap up to $49 million, prompting negotiations and a large bounty.
- KyberSwap’s financial and reputational damage post-exploit led to layoffs to address challenges.
KyberSwap found itself at the center of a security breach when the individual behind the incident transferred considerable funds. On February 26, this activity caught the attention of observers as the culprit moved $2.5 million in digital assets from Arbitrum to Ethereum, according to blockchain analytics firm PeckShield. The transfer involved 798.8 Ether and an additional $826,500 in Dai stablecoins, highlighting the breadth of the hacker’s loot.
#PeckShieldAlert #KyberSwap Exploiter-labeled address bridged ~800 $ETH (worth ~$2.5m) from #Arbitrum to #Ethereum pic.twitter.com/xTWO7lOLJY— PeckShieldAlert (@PeckShieldAlert) February 26, 2024
The saga began on November 23, when KyberSwap was at the center of a cyberstorm. The decentralized exchange (DEX) alerted its community to a “security incident,” a euphemism for a heist that initially appeared to pilfer $4…
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