• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
KyberSwap Offers a 10% Reward for the Retrieval of $50 Million in Stolen Assets

KyberSwap Offers a 10% Reward for the Retrieval of $50 Million in Stolen Assets

user avatar

by Max Nevskyi

2 years ago


Taking a courageous step towards reclaiming stolen assets, KyberSwap, a well-known decentralized exchange (DEX), has extended a 10% reward to the individual behind a recent $50 million heist. This endeavor signifies a notable stride in the platform's commitment to negotiating and protecting user funds.

Following the incident on November 22, the decentralized autonomous organization (DAO) overseeing KyberSwap initiated contact with the hacker, suggesting the possibility of negotiations. The hacker, having indicated the need for some rest before engaging in talks, has remained unresponsive ever since. The attack was specifically directed at the platform's liquidity pools, resulting in a significant decrease in its total value locked (TVL), plummeting from $80 million to just $7.78 million.

KyberSwap's proposition involves offering a reward amounting to 10% of the stolen user funds. The DAO's communication, dispatched from a contract deployer wallet, recognized the sophistication of the hack and underscored the significance of returning the pilfered assets to the platform's users. The DEX has set a deadline of November 25, 06:00 UTC, for the return of the funds.

The trend of hackers taunting their targets by using signed transactions containing text messages is on the rise within the realm of decentralized finance (DeFi) breaches. This approach also offers a means for protocol teams to initiate discussions with the individuals responsible for the attacks.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Potential Changes in Bitcoin Derivatives Markets Following CLARITY Act

chest

Market expert MartyParty highlights that the CLARITY Act could lead to significant changes in Bitcoin derivatives markets, enhancing CFTC authority and encouraging institutional participation.

user avatarZainab Kamara

Crypto Investment Funds Face Continued Outflows Amid Market Slowdown

chest

Crypto investment funds have faced a fifth consecutive week of net outflows, totaling approximately $4 billion over five weeks, with a significant decline in trading activity.

user avatarAyman Ben Youssef

Blockchain Association Unveils New Tax Principles for Digital Assets

chest

The Blockchain Association has introduced a framework to guide lawmakers on digital asset taxation as discussions around the CLARITY Act continue.

user avatarSon Min-ho

Market Leverage Ratio Declines, Indicating Reduced Speculative Positioning

chest

The Estimated Leverage Ratio in the crypto derivatives market has sharply declined, suggesting a reduction in speculative positioning and a calmer market environment.

user avatarTando Nkube

Castle Labs Warns of Overbuilt Crypto Market

chest

Castle Labs warns that the cryptocurrency market is overbuilt, with most tokens likely to lose value unless they demonstrate real business traction.

user avatarKofi Adjeman

Bitcoin Mining Difficulty Rebounds, Indicating Network Resilience

chest

Bitcoin mining difficulty has rebounded after a brief dip, indicating renewed miner participation and confidence in Bitcoin's long-term viability.

user avatarNguyen Van Long

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.