KyberSwap Dex Hacked for $48M

The DEX recommends all users to "promptly withdraw their funds."

By: Owen Fernau Loading...

KyberSwap Dex Hacked for $48M

KyberSwap, a decentralized exchange and aggregator deployed across 15 blockchains, has been exploited.

KyberSwap "has experienced a security incident," the exchange said on X. "As a precautionary measure, we strongly advise all users to promptly withdraw their funds."

Stani Kulechov, founder of the lending protocol, also urged users to revoke allowances associated with Kyber.

Kyber, which launched in 2018, had $86.8M in total value locked (TVL) before the hack.

The hacker is directing funds to this wallet, had racked up $48M as of Wednesday evening New York time, according to Spreek, a well-known voice in the DeFi space,

Going by the identified wallet, $20M has been stolen from Kyber’s Arbitrum deployment, $15M from Optimism, and over $7M from Ethereum.

Spreek and 0xngmi, the pseudonymous founder of DeFi Llama, have said on X that the attack is specifically targeting liquidity providers (LPs).

The DEX said it's "diligently investigating the situation."