Cryptocurrency

DeFi protocol Kyber Network suffers frontend hack, loses $265K

Multi-Chain DeFi Protocol Kyber Network (KNC) clearly A front-end exploit occurred on September 1, resulting in the loss of $265,000 from two whale wallets.

Hackers inject malicious code into KyberSwap frontend

According to Kyber Network, the company’s team “identified malicious code that injected fraudulent authorization into Google Tag Manager (GTM), allowing hackers to transfer user funds to their addresses.”

Kyber went on to say the threat was “neutralized” within two hours, telling users “All safe to use kyber swap function. “

KyberSwap is a multi-chain decentralized exchange (DEX) that allows users to exchange tokens between different blockchains. Kyber revealed that the hack only affected his DEX’s user interface.

The Kyber team has ensured that the affected wallets will be compensated.

Meanwhile, the team gave 15% of the funds to the hackers if they chose to return the funds. According to the Kyber team, there is no way to cash out funds through a centralized exchange where hackers do not reveal themselves.

Kyber Network’s KNC token has surged 1.7% to $1.76 over the past 24 hours despite the hack.

DeFi hacking booms

Recent Token Terminal Report clearly Over $4.2 billion has been stolen in the last two years due to DeFi’s lack of security practices.

The Federal Bureau of Investigation also said DeFi protocols were responsible for 97% of the $1.3 billion in crypto assets stolen in the first quarter of this year.

In August alone, multiple hacks in the cryptocurrency space resulted in losses of over $150 million. Hacks range from Solana (SOL) wallet to exploit hacks of Acala, Curve Finance, Nomad Bridge and more.

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