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KyberSwap Seeks to Recover Funds After $50 Million Attack

KyberSwap in Crisis: They Offer 10% Reward to Recover Stolen $50 Million

The world of decentralized finance (DeFi) has been rocked by a recent attack on KyberSwap, a decentralized exchange (DEX), where an attacker managed to make off with a staggering sum of $50 million.

The decentralized autonomous organization (DAO) in charge of KyberSwap has sprung into action, attempting to establish a negotiation with the perpetrator, offering a ransom of 10% of the stolen funds in exchange for the safe return of the affected users’ total assets.

The attack, specifically targeting KyberSwap liquidity pools (LPs), has had a severe impact on the platform.

The platform held approximately $80 million in total value locked (TVL) before the attack, but after the incident, it plummeted to only $7.78 million.

The KyberSwap DAO attempted to communicate with the attacker via a message sent from a contract deployment wallet.

In this message, they praise the sophistication of the hack and make a tempting offer: a ransom equal to 10% of user funds taken during the attack in exchange for the safe return of all those funds.

Setting a deadline for the return of stolen assets, KyberSwap has set November 25 at 06:00 UTC as the deadline for attacker action.

Types of Incidents Like KyberSwap Are Not Rare in the DeFi World

Hackers have adopted the trend of sending messages to their victims through transactions signed with text, as a form of communication or negotiation.

KyberSwap Offers 10% Ransom to Attacker Who Stole $50 Million

The offer of a ransom by KyberSwap reflects the complexity of these events in a decentralized financial ecosystem and the need to find solutions to mitigate the damage caused by such incidents.

Numerosos individuals on Etherscan have flooded the platform with messages claiming victimization in the recent KyberSwap attack.

These messages, numbering hundreds in number, reflect the diversity of people affected by the hack.

Among these communications, some could be genuine, representing legitimate users who have suffered significant losses due to the incident, while others could be fake or seeking to take advantage of the situation.

The news is in development, we expect news in the coming days.

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