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

3 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Glamsterdam Upgrade Delayed Despite Security Improvements

Glamsterdam upgrade faces delays despite vulnerability fix due to additional testing requirements.

user avatarKenji Takahashi

Ethereum Developers Address Vulnerability in Glamsterdam Upgrade

Ethereum developers have resolved a serious vulnerability in the Glamsterdam upgrade that could have allowed block builders to withdraw ETH intended for staking validators.

user avatarMaria Fernandez

Ansem Issues Bearish Warning for Bitcoin and Ethereum

Prominent cryptocurrency trader Ansem issues a bearish warning for Bitcoin and Ethereum, citing deteriorating market momentum and critical reference levels.

user avatarGustavo Mendoza

AI Stock Performance Could Impact Cryptocurrency Markets

Ansem raises concerns about AI stock performance impacting cryptocurrency markets, suggesting potential increased volatility for Bitcoin and Ethereum.

user avatarMiguel Rodriguez

Upcoming Federal Reserve Decision May Heighten Market Volatility

The Federal Reserve is set to announce its latest interest rate decision on October 28, which may lead to increased market volatility.

user avatarRajesh Kumar

Luxor Technology Secures $16 Million to Venture into AI Computing

Luxor Technology has secured $16 million to enter the AI computing market, marking a shift from its Bitcoin mining roots.

user avatarLuis Flores

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.