KyberSwap, a decentralized exchange (DEX) in the world of decentralized finance (DeFi), has fallen victim to hackers. The DEX was exploited across multiple chains, resulting in a loss of approximately $50 million. This incident comes as a surprise, as KyberSwap had managed to avoid previous attacks while other protocols were targeted. The hack was first reported by members of the crypto community, and by the time it was brought to the attention of the Kyber Network team, the attacker had already stolen over $48 million. The stolen funds came from various chains, including Base, Polygon, and Arbitrum. Users were advised to withdraw their tokens and revoke permissions to the protocol for safety. Kyber Network confirmed the hack and urged users to withdraw their assets as a precautionary measure. Following the announcement, users rushed to secure their coins, resulting in a significant drop in the Total Value Locked (TVL) on the platform. In an unexpected twist, the hacker left a message for the KyberSwap team, indicating that negotiations would begin soon. The incident highlights the ongoing security challenges faced by DeFi protocols and the need for constant vigilance in protecting user funds.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	1
People	OlimpioCrypto
Companies	DeFiLlama, Kyber Network, None, KyberSwap
Currencies	kyberusdt, Toucan Protocol: Base Carbon Tonne, Kyber Network Crystal, Polygon, Arbitrum
Securities	None