Kyber Network Hacker Demands Full Control in Exchange for Returning the Stolen Funds
KyberSwap, a decentralized exchange aggregator, faced a breach by an unknown hacker who demanded control in exchange for returning the stolen funds, setting conditions for Kyber's governance.
The hacker urged the existing management to resign and surrender assets, promising fair exits for departing leaders, doubled salaries for employees, and generous severance packages.
They vowed to reshape Kyber into a new cryptographic venture if their demands weren’t met, holding the funds hostage otherwise.
Cyvers, a Blockchain security firm, intercepted communication hinting at negotiation following a staggering $45 million theft from KyberSwap, revealing the hacker’s exploit targeted liquidity pools crucial for cross-chain liquidity access.
This incident underscores concerns about centralized power in decentralized systems and the vulnerability of crucial platforms like Kyber.
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Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
