Kyber Network Crystal Token Slumps After Withdrawal Warning


  • 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.

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