Kyber Network Crystal Dips As KyberSwap DeFi Platform Drained $46,500,000 in Ethereum, Arbitrum and Other Assets

Decentralized finance (DeFi) platform KyberSwap has been hacked to the tune of tens of millions of dollars worth of virtual currencies, causing its native asset to dip.

Data from blockchain tracker Lookonchain reveals that $46.5 million worth of digital assets were stolen from KyberSwap, including $20.78 million worth of Wrapped Ethereum (wETH), $9.53 million worth of Lido-wrapped staked Ethereum (wstETH), and $4.1 million worth of layer-2 scaling solution Arbitrum (ARB).

According to Lookonchain, the exploiter said he’s willing to negotiate, though no specific details were given.

“KyberSwap was exploited for ~$46.5 million assets!

Including: 10,049 wETH ($20.78 million) 4,017 wstETH ($9.53 million) 3.98 million ARB ($4.1 million).

This exploiter deposited USDC to Aave and provided liquidity on Uniswap. And willing to negotiate with the KyberSwap team.”

In a new thread on the social media platform X, the decentralized exchange (DEX) protocol issues a warning to its users, saying that they should withdraw their funds immediately as a precaution.

“Dear KyberSwap Elastic Users, We regret to inform you that KyberSwap Elastic has experienced a security incident.

As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we commit to keeping you informed with regular updates.

Thank you for your understanding and cooperation during this challenging time.”

Kyber Network Crystal (KNC) – the native asset of KyberSwap – is trading for $0.721 at time of writing, a 2.75% decrease during the last 24 hours.

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Featured Image: Shutterstock/Yurchanka Siarhei/Sensvector