On-chain researcher ZachXBT reports that Switzerland-based cryptocurrency platform SwissBorg experienced a security incident on its Solana network, resulting in the theft of approximately 192,600 SOL (approximately $41.5 million).
SwissBorg explained that the incident was caused by a vulnerability in its partner API provider, Kiln, and only affected the SOL Earn program. The platform confirmed that approximately 193,000 SOL were stolen in total.
According to the company’s statement:
- The SwissBorg app and other Earn programs were not affected by this incident.
- SwissBorg’s own SOL treasury will be deployed to compensate for the losses of the majority of users.
- Efforts are underway to recover the stolen funds, in collaboration with white hat hackers and their security partners.
SwissBorg also stated that affected users will be contacted via email and provided detailed explanations. The platform maintained that its financial health is strong and daily operations have not been affected.
CEO Cyrus Fazel will be livestreaming on YouTube today to connect directly with the community.
*This is not investment advice.