KyberSwap Hacked for $50 Million; Users Urged to Withdraw Funds!

The post KyberSwap Hacked for $50 Million; Users Urged to Withdraw Funds! appeared first on Coinpedia Fintech News

KyberSwap has suffered a massive hack, with the attacker stealing nearly $50 million in cryptocurrencies. The exploit has affected multiple cross-chain deployments of KyberSwap, with over $20 million stolen on Arbitrum, $15 million from Optimism, and $7 million from Ethereum. KyberSwap’s administrators have advised users to withdraw all funds as a precautionary measure, as the attacker has indicated that negotiations will soon commence. Experts suggest that the theft is not related to a bug in the DEX’s approval authorization code but rather a directed attack against the liquidity provider pools themselves.