KyberSwap commits to covering user losses from recent exploit

KyberSwap announced on Dec. 1 that it will offer grants in order to compensate users affected by a recent exploit. The decentralized exchange acknowledged that a recent attack drained $48.

Timeline of Kyber-network-crystal-v2

After the unrealistic demands from its exploiter to take over the Kyber Network, the exploited decentralized exchange KyberSwap has made a different pivot in its revival push. The exchange said it will reimburse users who were exposed to the security breach recorded last month.

KyberSwap has revealed plans to offer financial support to affected users. The decentralized finance protocol suffered a substantial exploit on November 22, resulting in a loss of $48.8 million.

The hacker responsible for the $48 million KyberSwap heist has escalated their demands, now seeking complete executive control over the decentralized exchange (DEX). The hacker revealed the updated demands in an on-chain message sent on Nov. 30.

In the wake of Kyberswap, a decentralized exchange (dex) platform, suffering a $47 million loss due to a cyberattack, the perpetrator indicated a readiness to engage in negotiations. Yet, despite expressing an openness to resolution, the hacker lamented encountering primarily “received (mostly) threats, deadlines, and general unfriendliness.

From two popular exchanges losing millions to a Netflix director making millions from memecoins, here is a 2-minute breakdown of everything important that happened in crypto today.

Kyber Network has advised liquidity providers to remove their funds due to a potential vulnerability in the Kyberswap Elastic decentralized crypto exchange. No funds have been lost, and farming rewards have been temporarily suspended until a new smart contract can be deployed.

Kyber Network, a popular decentralized finance (DeFi) protocol, warned users of a possible security vulnerability in its Elastic platform, urging them to withdraw their funds as a precautionary measure. The team assured users that investigations are ongoing and no user funds have been lost.

Kyber Network, a decentralized finance (DeFi) protocol, has urged the liquidity providers (LPs) on its KyberSwap Elastic decentralized exchange to withdraw their funds due to a possible vulnerability in the exchange's contract.

Decentralized finance (DeFi) protocol Kyber Network has advised liquidity providers on its Elastic product to withdraw funds after finding a potential vulnerability, it said in a tweet.

A user on Kyber Network lost $2 million in what is believed to be a routing error on the defi platform. The network has also dubbed it a mistake on the user's part and announced a rectification of the trade.