KyberSwap DEX Faces Massive $48M Exploit

KyberSwap, a decentralized exchange and aggregator, has fallen victim to a massive exploit.

The platform has recommended that users withdraw their funds.

Stani Kulechov, the founder of the lending protocol, urged users to revoke allowances associated with Kyber as a precautionary measure.

Following this hack, security remains a top priority.

Before the hack, Kyber had a total value locked (TVL) of $86.8M.

In this hack, the attacker redirected funds to a wallet, amassing a staggering $48M.

The hacker managed to siphon off $20M, along with $15M from Optimism and over $7M from Ethereum