KyberSwap Elastic has recently reached a major milestone in their recovery mission, successfully reclaiming approximately $5.7 million in stolen crypto. The security firm PeckShield reported that 361,876 USDC.e was returned to KyberSwap on the Avalanche blockchain. Additionally, KyberSwap negotiated with operators of automated trading programs (front-run Bots) and nearly $4.67 million was returned.
On November 23, KyberSwap Elastic was the victim of a sophisticated cyber attack. Hackers manipulated the platform’s smart contracts, resulting in the unlawful withdrawal of user funds totaling $54.7 million. In response, KyberSwap immediately stopped deposits and launched an investigation. They also offered a reward of 10% to those who returned the stolen funds.
The KyberSwap Team is working hard to recover as many stolen funds as possible, and they have implemented extensive security measures. These include internal checks, audits from renowned security companies, and community-driven reviews of security. The efforts are not simply focused on recovering the funds, but also on strengthening the platform to protect against future attacks.
This incident was among the most complicated in the decentralized finance (DeFi). KyberSwap remains dedicated to maximizing fund recovery and enhancing the platform’s security, and hope to emerge stronger from this challenge.