(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…
26/ And that's because the "reach quantity" was the upper bound for reaching the tick boundary was calculated as ...22080000, whereas the exploiter set a swap quantity of ...220799999
— Doug Colkitt (@0xdoug) November 23, 2023
That shows just how carefully engineered this exploit was. The check failed by <0.00000000001% pic.twitter.com/1MYodAaVtd
Nevertheless, Kyber Network reassured its users that the platform has taken additional security measures to prevent a similar instance. This includes internal smart contract checks, & audits by 100proof (whitehacker), ChainSecurity, & community developers via Sherlock's audit competition.
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