|

Correction: Kyber Network calls recent $54 million hack “one of the most sophisticated in the history of DeFi”

(This story was corrected on November 27 at 04:31 GMT to remove a reference saying that Kyber would reinburse users. This statement was wrongly taken from a fake Twitter account created after the hack to lure exploited users via a refund tactic. Original Kyber account never said it would refund or compensate affected users with KNC tokens. The corrected version follows.)

  • Kyber Network witnessed a massive hack this week that resulted in the loss of more than $54.7 million worth of assets.
  • Ambient Finance founder, in his investigation, stated that the attack was the most complex and carefully engineered smart contract exploit.

As technology progresses, the good and the bad come from it, too, and Kyber Network is likely the poster child of this notion. Witnessing an exploit this past week, Kyber Network lost a bunch of funds in an attack that was not only unprecedented but also unseen in the past.

Kyber Network investigates exploit

Kyber Network lost more than $54.7 million in digital assets and funds on November 22 after the company fell victim to an exploit. 48 hours after the attack, Kyber noted that the hack stands out as one of the most sophisticated in the history of DeFi, with the attacker needing to execute a precise sequence of on-chain actions in order to exploit the vulnerability.

Corroborating the same, Doug Colkitt, founder of Ambient Finance, stated in his preliminary deep dive into the exploit,

"This is easily the most complex and carefully engineered smart contract exploit I've ever seen…

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

More from FXStreet Team
Share:

Editor's Picks

XRP defends $1.30 support as Ripple partners with Arf to bring RLUSD settlement liquidity to XRPL

Ripple holds near recently confirmed support at $1.30 on Friday, as bulls eye a short-term recovery toward $1.40. The remittance token’s upside remains capped by structural levels, suggesting recovery would depend on whether buyers can sustain momentum.

Bitcoin Weekly Forecast: BTC extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot ETFs recording $442.67 million in net inflows through Thursday.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Pi Network holds modest gains as mixed technicals curb upside

Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.