Multi-Chain Liquidity Hub, Kyber Network Loses $265k In Latest DeFi Exploit By DailyCoin

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© Reuters. Mul­ti-Chain Liq­uid­i­ty Hub, Kyber Net­work Los­es $265k In Lat­est DeFi Exploit

Kyber Net­work, the mul­ti-chain DeFi liq­uid­i­ty hub has become the lat­est decen­tral­ized finance (DeFi) pro­to­col to be exploit­ed as a vul­ner­a­bil­i­ty in its web­site allow­ing the hack­ers to steal approx­i­mate­ly $265,000.

Kyber Net­work Los­es $265k in Fron­tend Exploit

On Thurs­day, Sep­tem­ber 1, Kyber Net­work announced that it had “iden­ti­fied and neu­tral­ized” an exploit on its front end. Kyber said the threat was neu­tral­ized two hours after it was dis­cov­ered in its front end.

Kyber report­ed that the exploit was car­ried out through a mali­cious code in their Google (NASDAQ:) Tag Man­ag­er (GTM) which insert­ed a false approval, allow­ing the hack­er to trans­fer the user’s funds to their address.

On-chain data showed that two “whale” address­es were affect­ed by the attack. The exploit saw the hack­ers drain approx­i­mate­ly $265,000 in the process. Kyber has com­piled a list of sus­pi­cious wal­let address­es active dur­ing the exploit.

Kyber­Swap to Reim­burse All Victims 

After report­ing the inci­dent, Kyber announced that it will reim­burse the loss­es of the users who were affect­ed by the exploit. Kyber also not­ed that the attack was specif­i­cal­ly tar­get­ed at whale addresses.

Kyber has also advised oth­er DeFi projects to run thor­ough checks on their fron­tend code & asso­ci­at­ed Google Tag Man­ag­er (GTM) scripts. Kyber believes that the attack­er may have tar­get­ed mul­ti­ple sites.

On the Flipside

  • Kyber Net­work recent­ly part­nered with Lido Finance Part­ners to enhance liq­uid­i­ty on Poly­gon with over $120,000 in liq­uid­i­ty min­ing rewards.

Why You Should Care

The quick action of Kyber in neu­tral­iz­ing the attack helped in lim­it­ing the num­ber of tokens the hack­ers were able to steal. 

To learn more about Kyber Net­work, read:

Kyber Net­work Crys­tal v2 (KNC): Recent Devel­op­ments and Future Events, Price Update, and Community

Find out why there DeFi attacks are increas­ing in:

North Kore­an Hack­ers Aim Their Cryp­to Attacks at DeFi

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