Share this article
DeFi Platform Kyber Network Discloses $265K Exploit, Vows to Reimburse All Funds
This most recent attack on a decentralized finance platform resulted from malicious website code.
By Sam Kessler
Updated May 11, 2023, 6:16 p.m. Published Sep 1, 2022, 8:17 p.m.
Make us preferred on Google
Kyber, a multi-chain decentralized finance (DeFi) platform, discovered a vulnerability to its website code that allowed exploiters to run away with approximately $265,000.
Two “whale” addresses appeared to be impacted by the attack, according to Kyber, which plans to reimburse the losses. Kyber said it discovered the exploit, which let attackers insert a “false approval, allowing a hacker to transfer a user’s funds to his address,” on Sept. 1 and “neutralized” the threat within two hours.
STORY CONTINUES BELOW
The exploit hit KyberSwap, a decentralized exchange that allows users to swap between currencies on different blockchains. KyberSwap’s blockchain contracts were not affected. The problem stemmed from malicious Google Tag Manager code in the KyberSwap website, according to a statement from Kyber.
“We strongly urge all #DeFi projects to conduct a thorough check on your frontend code & associated Google Tag Manager (GTM) scripts as the attacker may have targeted multiple sites,” Kyber tweeted.
The attack on Kyber was relatively small in comparison with other recent attacks on DeFi projects, which have seen numerous multimillion-dollar thefts of users’ funds. However, it once again highlights the wide range of ways DeFi users are vulnerable to attacks.
Read more: DeFi Has Become Crypto Crime’s Main Arena, Crystal Blockchain Says
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ethereum Foundation makes post quantum security a top priority as new team forms
EF researcher Justin Drake says a new post-quantum team will drive wallet safety upgrades, research prizes and test networks as quantum timelines shorten.
What to know:
- The Ethereum Foundation has elevated post-quantum security to a top strategic priority, forming a dedicated Post Quantum team led by Thomas Coratger with support from leanVM cryptographer Emile.
- Researcher Justin Drake said Ethereum is shifting from background research to active engineering, including biweekly developer sessions on post-quantum transactions and multi-client post-quantum consensus test networks.
- The foundation is backing new cryptography with funding and outreach, launching two $1 million prizes, planning post-quantum community events and education, and stressing that blockchains must prepare early for quantum threats despite their long-term nature.
Top Stories
