On November 23, the Kyber Network team announced via Twitter that KyberSwap Elastic experienced a security incident. Kyber recommends that users quickly withdraw funds from liquidity pools. Currently KyberSwap functions still work.
Data from Debank shows that approximately $46 million was stolen, including $20 million wrapped Ether (wETH), $7 million wrapped Lido-staked Ether (wstETH), and $4 million Arbitrum (ARB).
According to the latest analysis by Doug, founder of Ambient Finance, hackers used money from a Flash Loan to attack KyberSwap’s liquidity pool. For details about the Kyberswap attack process, please read our technical article: How was KyberSwap hacked for $46 million?
One surprising thing after this hack is that the price of the KyberSwap token (KCN) did not react too negatively to the above information. In the past 24 hours, the price only fluctuated about 5%, this number is not too different from normal trading sessions.
