KyberSwap $50M Exploit Saga: Hacker Expresses Discontent Over Team's Response – Coinpedia Fintech News
In a surprising turn of events in the KyberSwap $50 million elastic pools exploit, the hacker responsible has voiced dissatisfaction with the KyberSwap team’s approach, adding an unexpected layer to the ongoing drama.
Hacker’s On-Chain Messages Reveal Frustration
The individual behind the KyberSwap security breach, known for communicating via on-chain messages, initially left a note for the developers, employees, DAO members, and LPs, suggesting a willingness to negotiate after some rest. However, the tone shifted when the hacker perceived a hostile response from the KyberSwap team. In a subsequent message, the hacker threatened to delay the negotiation, originally set for November 30th, citing the team’s “threats, deadlines, and general unfriendliness.”
KyberSwap Team’s Stance
The KyberSwap team had previously proposed a deal where the hacker would return 90% of the stolen funds in exchange for a 10% bounty. When the hacker didn’t promptly comply, the team escalated the situation, warning of legal action and involving law enforcement and cybersecurity experts. They stressed the hacker’s digital footprints were traceable, urging acceptance of the deal to avoid legal consequences. Additionally, KyberSwap announced plans for a public bounty program to encourage information leading to the hacker’s capture and fund recovery.
Recovery of Stolen Funds
In a recent development, KyberSwap disclosed that they had contacted the owners of front-run bots that siphoned approximately $5.7 million from KyberSwap pools on Polygon and Avalanche during the exploit. As a result, around $4.67 million worth of funds, based on current market values, has been returned to the KyberSwap Deployer on Polygon.
Doug Colkitt, founder of Ambient Finance, analyzed the hack, highlighting its complexity and sophistication. He noted that the exploit required an exact sequence of on-chain actions, making it one of the most intricate smart contract exploits in DeFi history.
As the negotiation deadline approaches, the crypto community watches with bated breath, anticipating the resolution of this high-stakes situation. The outcome of these negotiations will likely have significant implications for the future of KyberSwap and the broader DeFi landscape.
Source: Read Full Article