Key Points:

• Kyber Network temporarily disabled the Kyber Network frontend UI due to the Ledger Library Exploit, ensuring user safety.
• KyberSwap Elastic previously faced a $54 million loss in a recent cyberattack.

In response to potential security threats, Kyber Network, a prominent cross-chain decentralized exchange (DEX) project, temporarily disabled the Kyber Network frontend UI.

Kyber Adopts Cautionary Measures For Kyber Network Frontend UI

The precautionary measure was taken following concerns related to the recent Ledger Library Exploit that impacted various Web3 projects, including Kyber Network.

After a thorough assessment of dependencies, the team has reinstated the Kyber Network frontend UI, ensuring users that they remain unaffected by the Ledger Library Exploit. The exploit targeted a widely used code library, LedgerHQ’s connect-kit, allowing the injection of malicious code into several decentralized applications (dApps). Users were strongly advised against interacting with any dApp during this period.

This security incident comes on the heels of a significant cyberattack on KyberSwap Elastic, a platform of Kyber Network. KyberSwap Elastic faced a serious security breach, prompting the platform to urge users to immediately withdraw their funds. The attack resulted in a loss of approximately $54 million, all of which was transferred to a single wallet address.

The hacker responsible for the attack demanded full control of Kyber, including access to sensitive documents and information pertaining to the project’s structure, operations, revenue, profits, assets, liabilities, and employee salaries. The self-proclaimed “CEO Kyber” left contact information via Telegram and offered to refund 50% of the stolen funds in exchange for the requested access.

Kyber Network responded promptly, stating its commitment to compensating affected users and collaborating with authorities to identify and apprehend the hackers. The company outlined a compensation plan, intending to allocate funds equivalent to the assets stolen by the hackers. Detailed information about the compensation process will be disclosed in the near future.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Kyber Network

Kyber Network Frontend UI

KyberSwap Elastic

Ledger

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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