- At present, Kyber Network Crystal v2 (KNC) is trading at a 2.26% decrease.
- Kyber’s Elastic product has seen a dramatic decrease in total value locked (TVL) to $61 million.
- Kyber Network has suggested liquidity providers to remove their funds.
The Kyber Network Crystal v2 (KNC) token has faced a slump today after decentralized finance (DeFi) protocol Kyber Network warned its liquidity providers to remove their funds due to a potential market vulnerability. At this time, the token has dropped by more than 2%.
Kyber Network mentioned the potential risk through a tweet, clarifying that no products have been impacted and no funds have been lost.
Decline in Elastic product TVL
On Sunday, the Elastic product had a TVL of $108 million, however, by Monday this had dropped to $30.88 million, as DefiLlama reported.
These incidents of hacks, vulnerabilities, and exploits have become increasingly more common in the DeFi space recently. The most recent of which include the $196 million hack on Euler Finance, a $23 million attack on Bitrue exchange, and the Yearn Finance exploit.
Back in 2022, Kyber Network also experienced an exploit costing the network $265,000.
The post Kyber Network Crystal Token Slumps After Withdrawal Warning appeared first on CoinJournal.
