• 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

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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Alphabet's Stock Rises After AI Chip Announcement

chest

Alphabet's shares rose 1.6% after announcing a new AI chip, Frozen v2, aimed at optimizing its Gemini model, expected to launch by 2028.

user avatarRajesh Kumar

Aave Governance Proposes Chainlink CCIP as Default for sGHO Transfers

chest

Aave governance proposes to adopt Chainlink's CrossChain Interoperability Protocol (CCIP) as the default standard for crosschain sGHO transfers, emphasizing security in DeFi.

user avatarMiguel Rodriguez

Tesla's Q2 Earnings Report to Highlight Bitcoin Holdings

chest

Tesla's upcoming Q2 earnings report is set to focus on the company's Bitcoin holdings, with investors eager to see if the 11,509 BTC treasury position remains unchanged.

user avatarLuis Flores

Bitcoin Developers Propose BIP361 for Quantum-Resistant Security

chest

Bitcoin developers have introduced BIP361, a draft proposal aimed at preparing the network for a transition to quantum-resistant signature schemes.

user avatarArif Mukhtar

Staking Rewards Could Transform Institutional Crypto Products

chest

Grayscale's proposal may influence how institutional investors perceive staking rewards in crypto products.

user avatarMaria Gutierrez

Grayscale Proposes Cash Payouts for Staking Rewards

chest

Grayscale is proposing changes to its Ethereum and Solana trust structures to allow cash payouts for staking rewards, targeting a date around August 7, 2026.

user avatarDavid Robinson

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.