Update Following KyberSwap Front-End Exploit From Kyber Network
After it encountered a front-end exploit, Kyber Network issued an upgrade. By the end of the month, an incident report will be made public.
On the front-end exploit that had encountered in early September 2022, Kyber Network gave an update. On September 6, the team tweeted an update stating that the attack vector has been eliminated two days prior.
In order to thoroughly examine systems and transactions, it is also collaborating with partners and security professionals.
Additionally, according to Kyber Network, just two wallets were affected, and both have been restored, with one receiving full financial compensation. Before any losses occurred, the other wallet that was impacted had canceled his authorisation.
According to Kyber Network, the Google Tag Manager was not the source of the hack, regardless of the precise nature of the attack vector. The team claimed it could not share more at this time and that the malicious script was introduced using an alternative method.
Additionally, it stressed how secure smart contracts and the API are. Given that this is the first incident in Kyber Network’s existence, the team enlisted support and encouragement.
Binance offers assistance to Kyber Network
To lessen the impact of the breach, Kyber Network has also been collaborating with other businesses in the sector. Kyber received information from Binance after two hackers who were involved in the incident were identified.
Binance has frequently assisted in the freezing of cash associated with hacks. The exchange has occasionally come under fire, with some users dubbing it a “Big Brother” system. However, it has mostly been praised for assisting and preventing offensive losses.
Kyber will create a cutting-edge surveillance system
Teams must concentrate on security in order to prevent losses because the cryptocurrency market has also been the target of attacks. A report on the incident will be given by the KyberSwap team after the inquiry is complete. The end of the month should see the release of this.
In terms of the future, the team is creating a cutting-edge monitoring system to continuously scan the website. In the event that anything strange happens, this will notify the team. Users will also have access to a status page and security status checks at any time.
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