{"id":183973,"date":"2023-11-24T13:39:00","date_gmt":"2023-11-24T13:39:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=183973"},"modified":"2023-11-24T13:39:00","modified_gmt":"2023-11-24T13:39:00","slug":"kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news\/","title":{"rendered":"KyberSwap Attempts to Recover Losses, Offers 10% Bounty Following $50 Million Hack &#8211; Coinpedia Fintech News"},"content":{"rendered":"<p>KyberSwap, a prominent multi-chain decentralized exchange (DEX) aggregator, is in discussions with the hacker responsible for the recent $50 million attack. The platform is proposing a 10% bounty, equivalent to the funds taken from users, in exchange for the safe return of all the stolen assets.<\/p>\n<h2><strong>KyberSwap Attack Details<\/strong><\/h2>\n<p>The hack, executed on November 23 through a smart contract reentrancy attack, led to a significant loss of approximately $50 million across various networks.&nbsp;<\/p>\n<p>Following the breach, KyberSwap&#8217;s Total Value Locked (TVL) plummeted by 90%, from around $80 million to just $7.78 million, underscoring the severe consequences of vulnerabilities in smart contracts.<\/p>\n<p>The decentralized autonomous organization (DAO) overseeing KyberSwap&#8217;s decentralized exchange (DEX) has expressed its intention to negotiate with the attacker, recognizing the sophistication of the hack and proposing a unique resolution.<\/p>\n<h2><strong>10% Bounty Offer to Hacker<\/strong><\/h2>\n<p>In an unprecedented move, KyberSwap has reached out directly to the hacker responsible, proposing a unique resolution. The platform is offering a 10% bounty, equivalent to the funds taken from users, for the safe return of all stolen assets.<\/p>\n<p>Providing a clear ultimatum, the DAO has set a deadline for the attacker to return 90% of the stolen funds to a specified crypto wallet address by 6 am UTC on November 25 or face consequences.<\/p>\n<p>Meanwhile, understanding how complicated the hack was, the team managing KyberSwap is doing something different. They&#8217;re not just acknowledging the difficulty of the situation; they&#8217;re also giving the hacker a way to settle things privately.&nbsp;<\/p>\n<p>The hacker can reach out through an email address they&#8217;ve provided, keeping the conversation confidential.<\/p>\n<h2><strong>Kyber Network&#8217;s Immediate Response<\/strong><\/h2>\n<p>Following the breach, Kyber Network promptly advised users to withdraw their funds as a precautionary measure. The team is actively investigating the incident to comprehend its full extent and enhance security measures to prevent future vulnerabilities, as per the coinpedia report.<\/p>\n<p>This incident emphasizes the critical need for robust security protocols in decentralized finance (DeFi) platforms, particularly in managing smart contracts.<\/p>\n<p>Source: <a href=\"https:\/\/coinpedia.org\/news\/https:\/\/coinpedia.org\/news\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KyberSwap, a prominent multi-chain decentralized exchange (DEX)<\/p>\n","protected":false},"author":3,"featured_media":183972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KyberSwap Attempts to Recover Losses, Offers 10% Bounty Following $50 Million Hack - Coinpedia Fintech News - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KyberSwap Attempts to Recover Losses, Offers 10% Bounty Following $50 Million Hack - Coinpedia Fintech News - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"KyberSwap, a prominent multi-chain decentralized exchange (DEX)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-24T13:39:00+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/11\/KyberSwap-Attempts-to-Recover-Losses-Offers-10-Bounty-Following-50-Million-Hack-Coinpedia-Fintech-News.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news\/\",\"name\":\"KyberSwap Attempts to Recover Losses, Offers 10% Bounty Following $50 Million Hack - Coinpedia Fintech News - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2023-11-24T13:39:00+00:00\",\"dateModified\":\"2023-11-24T13:39:00+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack-coinpedia-fintech-news\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"KyberSwap Attempts to Recover Losses, Offers 10% Bounty Following $50 Million Hack &#8211; 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