Decentralized exchange KyberSwap has become the latest crypto firm to lose millions to digital thieves, after reporting a highly sophisticated cyber-attack.
In a post on Friday, the firm revealed that the attack took place on November 22, resulting in a loss of nearly $55m in users’ funds.
“On Nov 22 10:54 PM UTC, attackers exploited KyberSwap Elastic smart contracts using a series of complex actions to conduct exploitative swaps, enabling the withdrawal of users’ funds into the attackers’ wallets. Around $54.7m of users’ funds were exploited by the attackers,” it said.
“In response, we paused deposits, launched an investigation, contacted relevant parties & initiated negotiations with the attackers in an effort to help users recover as much as possible, including offering a 10% bounty as an incentive for returning the users’ exploited funds.”