Kyberswap has been at the forefront of yet another crypto scandal as hackers were able to expose frontend security, nearly running off with $256 worth of crypto.
When looking at the increasingly growing list of crypto related attacks, this is definitely on the more tame side in terms of how much was stolen.
Read further on to learn more about this recent Kyberswap incident.
Image Credits | KyberSwap
Kyberswap is a decentralised exchange (DEX) aggregator where users within the crypto space can buy and swap their desired blockchain currencies.
While also being an Automated Market Maker, users are able to earn passive income through the use of Kyberswap’s liquidity protocols and farming features.
Kyberswap is similar to that of Pancakeswap, Uniswap, and Sushiswap, to name a few.
According to CoinMarketCap.com, Kyberswap is ranked #290 out of all of the decentralised exchanges.
Now you’re probably wondering how all of this was able to happen?
An exploit was found via the backend, leading to the crooks’ exploiting this flaw in the design. Once this was breached, they were able to access the listed funds above.
One thing that many may be alarmed about is the fact that the $256k that was breached actually came from only 2 accounts on Kyberswap, known as’ whales’.
This could have potentially been a targeted attack due to Kyberswap having other users that are frequently using their financial services.
Since the initial attack, solutions have been brought forward with
The issue was handled very well by Kyberswap as their team was able to resolve the attack within a 2 hour timeframe. Once this was complete they ordered users to go back to using their platform as normal, ensuring them of no more woes.
To further help out the Kyberswap community, a blog was also published showcasing the ways in which users can be precautious when using Kyberswap.
Kyberswap had even gone ahead and offered 40k in bounty to the offender as a way to resolve this inconvenience.
Image Credits | Kyber Network
Is it a bird? Is it a plane? No, it’s Binance!
And it just so happens that the brains over there have found a potential culprit.
With Binance being the biggest exchange with trade volume it’s great to see them helping out the smaller exchanges such as Kyberswap.
Binance founder CZ tweeted this:
#Binance security team has identified two suspects for yesterday’s KyberSwap hack. We have provided the intel to the Kyber team, and are coordinating with LE (law enforcement).
Stay #SAFU.
As a response to the initial tweet from Kyberswap on the day of the attack.
2022 has been the year for crypto cyber attacks as we have seen a total of $2 billion in cryptocurrency being stolen by pesky hackers.
Edging closer towards the end of 2022 we hope exchanges such as Kyberswap can learn from their mistakes and up their security measures.
The increasing number of attacks will be absolutely deterring new users from joining the crypto world, time will tell however.
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