Share this article
DeFi Platform Kyber Says It Removed Attack Vector, Compensated Affected Wallet
The Sept. 1 exploit saw $265,000 stolen from one Kyber wallet.
Updated May 11, 2023, 6:51 p.m. Published Sep 6, 2022, 11:09 a.m.
Make us preferred on Google
Kyber Network, a multichain decentralized finance (DeFi) platform, said it removed the attack vector used in an exploit that saw $265,000 stolen on Sept. 1.
- Two wallets were affected by the attack, one of which has been fully compensated for the funds lost, Kyber said in update Tuesday.
- "The other wallet provided approvals to the malicious script, and successfully revoked his approval before losing any funds," Kyber added.
- Kyber said it had been able to "neutralize" the threat within two hours after the attack.
- The attack exploited a vulnerability in Kyber's website code and thus differed from other DeFi attacks, which commonly target blockchain contracts. While the loss was relatively small, the attack highlighted the different ways in which DeFi platforms are vulnerable to cyberattacks.
- The KyberSwap platform is a decentralized exchange that allows users to swap between currencies on different blockchains.
Read more: 'Copycats' Stole $88M During Nomad Exploit by Copying Attacker's Code: Coinbase
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Vitalik Buterin pulls $17 million in ether as Ethereum Foundation tightens spending
Ethereum’s co-founder said the $17.3 million withdrawal will support a broader “full-stack openness and verifiability” vision as the foundation tightens spending.
What to know:
- Vitalik Buterin withdrew 16,384 ETH, worth about $17.3 million at current prices, to deploy toward open-source security and privacy projects.
- The move comes as the Ethereum Foundation enters a period of “mild austerity” following a market drawdown.
- The foundation still holds roughly $558 million in crypto assets, according to Arkham.
Top Stories
