Kyber Network Confirms Security Incident in Which $47 Million Was Stolen

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Kyber Network said on Nov. 22 that Kyberswap Elastic “experienced a security incident” in which crypto assets worth more than $45 million were stolen. Kyber Network said it was investigating the incident and urged all “users to promptly withdraw their funds.”

Kyber Forks Affected by the Incident

Kyber Network, the decentralized exchange (DEX) aggregator, confirmed on Nov. 22 that its market maker known as Kyberswap Elastic had “experienced a security incident.” In a post on X (formerly Twitter), the DEX aggregator said it “strongly advise[d] all users to promptly withdraw their funds” while it investigates the incident.

recommend also withdrawing from kyber forks such as Horizondex on Linea until there is more info

— Spreek (@spreekaway) November 22, 2023

While Kyber Network has not shared details relating to funds lost, a social media user Spreek said assets worth more than $20 million were stolen when Kyberswap Elastic was initially attacked. However, in later posts, the user suggested that the losses were double the initial estimates.

“Current total is $47m. Possibly more chains still to follow idk [I don’t know]. For those asking I’m fairly sure this is NOT an approval-related issue and is only related to the TVL [total value locked] held in the Kyber pools themselves,” the DEX aggregator said.

The X user said in the absence of new information, he would also recommend withdrawing from certain Kyber forks such as Horizondex on Linea “until there is more info.”

Meanwhile, in a later update shared via X, the DEX aggregator claimed that Kyberswap’s aggregator had not been impacted and was “operating fully as normal.” In another update, Kyber Network warned against clicking phishing links or responding to direct messages.

However, one social media user suggested the warning came late and scammers were already taking advantage. This claim is seemingly corroborated by a parody account that asked Kyber Network to check if they were eligible to receive refunds.

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