An attack targeting KyberSwap DEX (decentralized exchange) was carried out on November 23, causing serious damage as hackers appropriated cryptocurrency equal to $47 million, according to initial estimates. 

After the attack, hackers left a message saying that they were ready to negotiate with KyberSwap after several hours.

KyberSwap is a blockchain-based DEX, developed by Kyber Network, the most successful startup in Vietnam in 2017 when it successfully called for $52 million worth of capital.

Kyber Network is known as a leading startup in blockchain technology in Vietnam. Its two Vietnamese out of three founders - Luu The Loi and Tran Huy Vu - were once named in Forbes’ Top 30 Under 30 in Asia in 2018.

On its X official account (Twitter), Kyber Network confirmed the incident and asked users to withdraw all their money from the platform to prevent risks.

Kyber Network then told users to avoid clicking bad links and answering scammers’ messages. 

According to DefiLlama, users then rushed to withdraw money from KyberSwap. The TVL (total value locked) on the platform, therefore, dropped from $86 million to $14.74 million.

Kyber Network was also the victim of a hacking case in September 2022, when hackers appropriated $265,000.

On his personal page, Vu said he and his staff are working to find the hackers and bring them to the court.

He has committed to do everything possible to support legal executive bodies to trace and get back users’ money from attackers in order to minimize the damages.

Loi, the other Vietnamese founder, has also promised to support the company and users to overcome difficulties, and has committed to protect the company’s fame.

In the latest statement, the startup said that the attack has caused a loss of $54.7 million.

This is considered one of the most complicated hacking cases in the DeFi (decentralized finance) history with hackers having to conduct a series of operations on the chain to exploit vulnerabilities.

In the latest news, Kyber Network has confirmed the successful recovery of $4.67 million. It has offered a 10 percent reward for efforts to return the money hackers had stolen from users.

After the attack on Kyber Network, a lot of fake accounts and links have appeared, exploiting the case to swindle users.

Users have been told to only receive information via an X account and the official website of the developer.

Trong Dat