KyberSwap Proposes 10% Bounty to Reclaim Stolen $46 Million – DailyCoin

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  • Multi-chain platform KyberSwap was hacked for more than $46 million earlier this week.
  • The attacker(s) taunted the protocol with an unusual walkthrough of their steps during the hack.
  • The protocol is seeking to negotiate with a bounty.

The blockchain ecosystem has grappled with the persistent threat of cyber attacks from malicious actors, exploiting security vulnerabilities to wreak havoc across projects and entities. On November 23, Ethereum-based multi-chain platform KyberSwap fell victim to a flash loan exploit that resulted in the loss of over $46 million.

In an effort to reclaim the stolen funds, the protocol has entered into negotiations with the attacker.

$4.6 Million For $46 Million

On November 24, KyberSwap contacted the hacker who had drained approximately $47 million from its Ethereum-based chains Arbitrum, Optimism, Kyber, Polygon, and Base, offering a white hat 10% bounty as an incentive.

The hacker, who taunted the protocol with on-chain messages detailing his walkthrough of the attack method, had previously expressed willingness to negotiate “when he is fully rested.”

The protocol has also set a 24-hour deadline for the attacker, after which it is expected that Kyberswap will take legal action if the 90% refund process is not initiated.

The KyberSwap attacker’s wallet currently holds approximately $48 million.

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