Key takeaways:
- A 10% bounty payment has been extended by the decentralized exchange KyberSwap to the hacker who stole $46 million on November 22.
- The hacker stole funds from other chains, including Base, Ethereum, Optimism, Polygon, and Arbitrum.
A 10% bounty payment has been extended by the decentralized exchange KyberSwap to the hacker who stole $46 million on November 22 and left a negotiation note. By 6 am UTC on November 25, 90% of the prize must be returned to the exchange.
Users were notified by KyberSwap on November 23 that KyberSwap Elastic, their liquidity solution, had been hacked and were encouraged to withdraw their money.
Meanwhile, on November 22, about $20 million in wrapped ether (wETH), $7 million in wrapped Lido-staked ether (wstETH), and $4 million in arbitrum (ARB) were taken by the hacker.
After that, the hacker stole funds from other chains, including Base, Ethereum, Optimism, Polygon, and Arbitrum.
The hacker posted an on-chain message to KbyerSwap developers, employees, DAO members, and LPs, saying, “Negotiations will start in a few hours when I am fully rested,” after concealing the stolen money.
After a day of silence on both sides, KyberSwap replied to the hacker, asking for 90% of the money that had been taken. The group made an offer after recognizing the hacker’s abilities:
“On the table is a bounty equivalent to 10% of users’ funds taken from them by your hack, for the safe return of all of the users’ funds. But we both know how this works, so lets cut to the chase so you and these users can all get on with life.”
“You stay on the run,” according to KyberSwap if the hacker does not reply or pay back by 6 am UTC on November 25. The group is willing to communicate with the hacker via email in the future.
According to decentralized finance (DeFi) specialist’s analysis of the most recent KyberSwap hack, the attacker used an “infinite money glitch” to siphon off funds.
The attacker behind KyberSwap, according to Ambient Exchange creator Doug Colkitt, used a “complex and carefully engineered smart contract exploit” to execute the attack.
After using this technique on several networks and more Kyberswap pools, the attacker eventually fled with $46 million in cryptocurrency loot.
