Kyber Network’s DEX aggregator, the Multi-Chain DeFi liquidity hub, announced that KyberSwap has suffered an exploit. As it is known, Kyber Network is the platform behind the KNC altcoin project. Here’s what happened…
Attack on Kyber Network
According to the announcement, Kyber Network noticed a suspicious element in their front-end. He shut down front-end operations to run an investigation. They were also able to compile a list of suspicious wallet addresses that were active at the time of the exploit. At the time of writing, two addresses were affected, losing $265,000 worth of assets. Hackers appear to be targeting “whale” addresses. The team promised to repay the lost asset amount.
Kyber Network said the threat was neutralized. Meanwhile, it warned against any suspicious activity in users’ wallets. It also urged all DeFi projects to check their frontends and associated Google Tag Manager (GTM) scripts.
Kyber Network made a statement: They called out to Hacker
According to a statement from Kyber, the platform detected a suspicious element on its front on September 1. To investigate, they turned off the front-end and identified malicious code that inserted a false confirmation with the Google Tag manager (GTM) and allowed a hacker to transfer the user’s money to their address. They then announced to the community that they had disabled the UI. Meanwhile, they investigated the cause of the front-face abuse. A malicious code has been detected that disables GTM. The statement also includes the following statements:
Performing further checks, we found that after disabling GTM, the bad script was eliminated with no further suspicious activity. The script was cautiously injected. He specifically targeted large quantities of whale wallets. We restored the UI with next steps to identify the addresses of all attackers, the extent of the damage, and which addresses were affected. We announced that the UI will go live again.
Apart from that, KyberSwap announced that they would offer 15 percent of the stolen amount, that is, approximately $ 39,750, as a reward by addressing the attacker. He stated that they already knew at which address the attacker kept the money. He also explained that they knew the profiles of the addresses linked to OpenSea. That’s why KyberSwap said they were able to track the attackers comfortably. He said that hackers had no chance to withdraw the money without revealing themselves. He announced that they would give the award for helping them detect a flaw in the system.
Altcoin price did not change
Meanwhile, Kyber Network Crystal’s KNC token has not been much affected by the news. The cryptocurrency has gained 3.4 percent in the last 24 hours. It went from $1.69 to $1.79. At the time of writing, it is changing hands at $1.75. The cryptocurrency has fallen by 3.6 percent in the last 7 days, and has not changed in the last 14 days. Its increase in the last 30 days is around 17 percent.
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