{"id":24717,"date":"2023-11-24T11:53:15","date_gmt":"2023-11-24T11:53:15","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/kyberswap-offers-a-10-bounty-to-hacker-who-stole-47m\/"},"modified":"2023-11-24T11:53:15","modified_gmt":"2023-11-24T11:53:15","slug":"kyberswap-offers-a-10-bounty-to-hacker-who-stole-47m","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/kyberswap-offers-a-10-bounty-to-hacker-who-stole-47m\/","title":{"rendered":"KyberSwap offers a 10% bounty to hacker who stole $47M"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697648219546-e7815a04-ca28-46e7-bb50-b7d8b1bd41f4-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697648219546-e7815a04-ca28-46e7-bb50-b7d8b1bd41f4-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697648219546-e7815a04-ca28-46e7-bb50-b7d8b1bd41f4-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1697648219546-e7815a04-ca28-46e7-bb50-b7d8b1bd41f4-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>KyberSwap is yet to get back the $7 million that was stolen on November 22.<\/li>\n<li>The decentralized exchange has offered a 10% bounty to the hacker in a bid to get the funds back.<\/li>\n<li>Security firm Beosin unveils the intricacies of the exploit, attributing the attack to a vulnerability in Kyber\u2019s liquidity pools.<\/li>\n<\/ul>\n<p>Following the <a href=\"https:\/\/coinjournal.net\/news\/dex-protocol-kyberswap-hacked-for-47-million\/\">$47 million KyberSwap hack on November 22<\/a>, the decentralized exchange protocol has made a bold move in an attempt to recover the funds.<\/p>\n<p>The protocol has offered a bounty in a bid to encourage the hacker to return the stolen assets.<\/p>\n<h2>Incentive for the hacker<\/h2>\n<p>In response to an on-chain message left by the perpetrator, KyberSwap has offered a 10% bounty (amounting to $4.7 million) to the hacker who executed the exploit.<\/p>\n<p>The hacker had hinted at negotiations with the KyberSwap team, stating, \u201cDear Kyberswap Developers, Employees, DAO members, and LPs, negotiations will start in a few hours when I am fully rested. Thank you.\u201d<\/p>\n<p>KyberSwap\u2019s co-founder, Victor Tran, conveyed a straightforward ultimatum in an on-chain message, presenting the hacker with a choice: return the funds or \u201cstay on the run.\u201d The bounty offer is contingent on the hacker returning the remaining 90% of the stolen funds to a specified address by 6 am UTC on November 25.<\/p>\n<h2>The KyberSwap attack<\/h2>\n<p>The attack targeted KyberSwap\u2019s Elastic pools, exploiting a vulnerability related to the tick interval boundaries on Kyber\u2019s liquidity pools. Security firm Beosin revealed that the flaw allowed the hacker to artificially double the liquidity, draining $47 million across various blockchains, including Arbitrum, \u00a0<a href=\"https:\/\/coinjournal.net\/ethereum\/what-is-ethereum\/\">Ethereum<\/a>, Optimism, <a href=\"https:\/\/coinjournal.net\/polygon\/what-is-polygon\/\">Polygon<\/a>, and Base.<\/p>\n<p>The incident underscored the persistent challenges and security risks in the d<a href=\"https:\/\/coinjournal.net\/news\/tag\/defi\/\">ecentralized finance (DeFi) space<\/a>. KyberSwap\u2019s proactive approach of offering a bounty is aimed at mitigating the impact of the exploit and ensuring that liquidity providers are compensated for their losses.<\/p>\n<p>The situation remains fluid as the hacker has not responded to the bounty proposal, maintaining silence since the attack on November 22.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/kyberswap-offers-a-10-bounty-to-hacker-who-stole-47m\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) KyberSwap is yet to get back the $7 million that was stolen on November 22. The decentralized exchange has offered a 10% bounty to the hacker in a bid to get the funds back. Security firm Beosin unveils the intricacies of the exploit, [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":24718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24717"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=24717"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/24717\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/24718"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=24717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=24717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=24717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}