Kyber Network Offered 15% of Bounty to Hacker Amid $265K Exploit

Kyber Network

Hackers have yet again targeted decentralized finance KyberSwap. The decentralized finance company witnessed a hack of 265,000 USD on September 1st, 2022. KyberSwap was able to stop the hack in two hours of testing and offered the hacker 15% of the total bounty.

In a recent blog, KyberSwap posted saying a hacker had used a frontend exploit to rob  $265,000 worth of user funds from the decentralized crypto exchange. The company protocol also mentioned that the company will compensate all users for any missing funds due to the exploit that happened recently.

The company officials also addressed the hacker giving them a slight opportunistic window to return the funds. They also offered a conversation with the hacker in return offering him 15% of the total bounty equivalent to roughly 40,000 USD. 

“We know the addresses you own have received funds from central exchanges and we can track you down from there,” said Kyber Network. “We also know the addresses you own have OpenSea profiles and we can track you through the NFT communities or directly through OpenSea. As the doors of exchanges close upon you, you will not be able to cash out without revealing yourself.”

As soon as the decentralized finance crypto exchange noticed the suspicious activity on September 1st. The platform disabled the user interface amid finding a malicious code in the Google Tag Manager, which targeted the most expensive user accounts. This gave the hacker an ability to transfer funds to different addresses. 

The co-founder of Kyber Network mentioned in his statement that this is the first ever attack on our network in the past five years. “The attack was identified and put to a stop after 2 hours of investigations,” said Kyber Network. “This attack was an FE exploit and there is no smart contract vulnerability.”