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KyberSwap: Hacker Responds to Cryptocurrency Exchange Threats and Proposes Trading Terms

Fast Take
  • Hacker Proposes Polite Trading in Response to KyberSwap Threats.
  • KyberSwap faces security dilemmas after multimillion-dollar theft.
  • KyberSwap incident highlights security challenges in cryptocurrency networks.
KyberSwap: Hacker Responds to Cryptocurrency Exchange Threats and Proposes Trading Terms
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The hacker responsible for the theft of $46 million from KyberSwap, a renowned cross-chain decentralized exchange, reacted unexpectedly to the threats made by the exchange. On November 28, a message was sent to the hacker containing an offer from KyberSwap: permission to retain 10% of the stolen funds in exchange for 90% being returned. However, the lack of an immediate response from the hacker led KyberSwap to adopt a more aggressive tone, threatening legal action and intensifying its efforts to track the attacker's activities.

Unexpectedly, the hacker responded, demanding politeness in negotiations and warning that any persistence in threats and rude approaches would result in negotiations being delayed. This communication placed KyberSwap executives, token holders, and liquidity providers in a complicated dilemma.

In response to the theft, which occurred On November 22 involving a series of exploits across multiple networks such as Avalanche, Polygon, Ethereum, Arbitrum, Optimism, and Base, KyberSwap launched a public bounty program. This program, with the involvement of law enforcement, was partially successful, recovering $4,67 million of the $46 million stolen.

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KyberSwap, which is part of the Kyber Network, stands out for allowing users to exchange their tokens without the need for intermediaries, reinforcing the decentralized nature of the cryptocurrency market. However, the recent incident has highlighted the vulnerability of these platforms to sophisticated cyber attacks.

Currently, KyberSwap has not responded to the hacker's latest message, keeping the market in suspense about the outcome of this confrontation. While awaiting a new proposal from the hacker, the cryptocurrency community is closely following developments, eager for a resolution that could set a precedent for future cases.

At the time of publication, the price of KNC was quoted at US$0,704887, up 2% in the last 24 hours.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.

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