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Cryptocurrency News 11 months ago
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KyberSwap Offers 10% Bounty to Hacker for Return of $46 Million Stolen Crypto Funds

Algoine News
Summary:
KyberSwap, a decentralized exchange, has offered a 10% bounty to the hacker who stole $46 million from the platform on November 22. The exchange demands the return of 90% of the stolen funds by November 25 at 6 am UTC. The stolen cryptocurrency was distributed across multiple networks. If the hacker fails to return the stolen assets by the deadline, they'll be hunted indefinitely, while KyberSwap remains willing to negotiate further via email. The hack exploited a 'unlimited money glitch' in a complex chain of maneuvers across various networks, leading to the theft.
Decentralized platform KyberSwap has proposed to offer the perpetrator of a $46 million theft on November 22 a 10% reward if the majority of the stolen amount is returned by November 25 at 6 am UTC. Users were informed on November 23 that the exchange's liquidity service, KyberSwap Elastic, had been violated, prompting urgent withdrawal of funds. The assailant lifted around $20 million in wETH, $7 million in wstETH, and $4 million in Arbitrum (ARB) on November 22. The stolen funds were subsequently shuffled across numerous networks, including Arbitrum, Optimism, Ethereum, Polygon, and Base. The culpable party later sent a direct blockchain message to KbyerSwap staff indicating readiness to launch discussions. The KyberSwap team reciprocated with a counter offer of a 10% bounty if 90% of the purloined assets were returned. The hacker received a warning that if they fail to respond or return the stolen funds by the set deadline, they will need to remain in hiding, even as the KyberSwap team expressed willingness for further dialogue via email. According to Doug Colkitt, founder of Ambient exchange, an analysis of the hack reveals that the culprit used an 'unlimited money glitch' to funnel the funds out, employing a "sophisticated and meticulously orchestrated smart contract manipulation" to execute the crime. This scheme was then replicated on different KyberSwap pools across various networks, ultimately accumulating a hefty $46 million in ill-gotten cryptocurrency.

Published At

11/24/2023 11:29:07 AM

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