Decentralized exchange (DEX) aggregator, KyberSwap has become the victim of the latest DeFi exploit draining nearly $46 million from the protocol.
KyberSwap shared a post confirming that it has experienced a security breach on KyberSwap Elastic, its auto yield-compounding liquidity markets. It urged users to withdraw their funds while its team investigate the exploit.
The DEX aggregator also confirmed that the aggregator was not affected in the hack and it is operating normally.
The hacker has stolen funds from multiple chains including $7.5 million on Ethereum, $20 million on Arbitrum, $15.3 million on Optimism, $2 million on polygon, and another $315k on Base, according to a post shared by onchain researcher Spreek.
After the successful exploit, the hacker also left a message for KyberSwap stating, “negotiations will start in a few hours when I am fully rested.” The stolen funds are currently held in a single address active on different networks.
KyberSwap has seen a huge drop of nearly 70% in its TVL which fell from $85 million pre-hack to $14 million now.
Also Read: MetaMask Partners with Kyber Network To Add KyberSwap DEX
