According to on-chain data, decentralized exchange protocol KyberSwap appears to have suffered a $47 million exploit. The money came from the liquidity solution Elastic Pools.
Money was unexpectedly moved from wallets associated with the protocol to one single walletas first noticed by a user known as Speak on X.
The funds include $20.7 million in Arbitrum, $15 million in Optimism, $7 million in Ethereum, $3 million in Polygon and $2 million in Base.
A large portion of the funds are denominated in various forms of ether, such as wrapped tokens and liquid staking tokens, as well as other tokens including arbitrage (ARB) and various stablecoins.
KyberSwap warned in one after on X that KyberSwap Elastic experienced a “security incident” and advised all users to withdraw their funds immediately. “Our team is diligently investigating the situation and we aim to keep you updated regularly.”
a message in a transaction which appears to have been sent by the attacker reads: “Dear Kyberswap developers, employees, DAO members and LPs, negotiations will start in a few hours when I am fully rested. Thank you.”
With KyberSwap Elastic, liquidity providers can choose their preferred price ranges while their returns automatically increase.
“I looked into the [transaction] and don’t think it’s an approval issue with Kyber Aggregator, it looks like the hacker is just draining the Kyber [liquidity provider] swimming pools,” noted 0xngmi, a pseudonymous employee of crypto data site DefiLlama, on X. He added that the total value captured in the protocol is $72 million. This does not appear to have been affected.
The price of Kyber network crystal 
KNC
+
fell sharply on the news of the possible exploit. Image: The block’s pricing page.
“It appears the Kyber exploits are flash loans and some sort of math/rounding problem. Each [transaction] starts with an ETH balance coming in, looped mint/redeem/swap,” noted Adam Cochran, general partner at Cinneamhain Ventureson X.
We’ve reached out to Kyber Network for comment.
The article has been updated with more details.
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