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Kyber Network Advises Liquidity Providers to Withdraw Funds Amid Vulnerability, Token Drops 2%
Kyber's Elastic product's total value locked has plunged to $61 million from $108 million a day earlier.
Updated May 9, 2023, 4:12 a.m. Published Apr 17, 2023, 12:23 p.m.
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Decentralized-finance protocol Kyber Network has advised liquidity providers on its Elastic product to withdraw funds after it found a potential vulnerability.
The protocol confirmed the potential flaw in a tweet while noting that no funds had been lost and that the KyberSwap Classic product is unaffected. The protocol's native token, KNC, dropped by 2% following the tweet.
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The Elastic product had $108 million in total value locked on Sunday, but that figure has dropped to $61 million according to DefiLlama.
Vulnerabilities and exploits have been rife across the DeFi ecosystem this year, with Euler Finance losing almost $200 million in an attack last month.
Kyber Network was hit with a $265,000 exploit in 2022.
The protocol confirmed that investigations are ongoing.
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Galaxy’s Steve Kurz sees ‘great convergence’ driving crypto’s long-term outlook
The firm's asset-management chief says the recent crypto selloff reflects healthy deleveraging, while infrastructure growth and institutional adoption support a bullish outlook.
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- Recent declines in crypto were driven by liquidity and leverage unwinds, not systemic failure, marking a more mature cycle than 2022, with most forced selling likely behind the market, according to Galaxy Digital's Steve Kurz.
- Stablecoins, tokenization and blockchain integration with traditional finance are accelerating, positioning crypto as both a financial asset and core financial rail.
- Kurz said he does not expect a V-shaped recovery, but sees range-bound trading followed by gradual gains as institutional capital deepens and the “great convergence” between crypto and traditional finance continues.
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