While waiting for the initial choice to refund 90% of the $47 million quantity, Kyber Network continued to ease the deadline and threatened to resort to legal action if the hacker did not return the cash.
Hackers did not return cash, Kyber Network threatens legal action
According to the on-chain message sent to the hacker at noon on November 25, Kyber Network mentioned it had contacted law enforcement and cybersecurity companies to report the incident and put together to track down the attacker.
“We have been in speak to with law enforcement and cybersecurity companies pertaining to this situation. We have explanation to track you down.So, it would be greatest if you accepted the initial present in our prior message just before the law and cybersecurity companies come across you.” – Kyber Network warns.
https://t.co/Kca0D5Ewq9 a deadline will expire in about 9 hrs, at the finish of which @KyberNetwork will track the exploiter’s “footprints” or else “a reward offer will be sent to the community instead.” pic.twitter.com/6tCvY1Lp1W
—ckksec (@ckksec) November 27, 2023
This message from Kyber reminds that the first refund choice (1pm on November 25, 2023) created by Kyber is late, but the hacker has not nonetheless acquired any response. At that stage, Kyber asked the attacker to refund 90% of the cash created from the hack, in exchange Kyber would shell out ten% as a bug bounty reward.
“If the situation is not resolved, a bounty will be opened in favor of the community.” – Kyber continued.
The DEX mentioned it will launch a bounty system to motivate the neighborhood to track down and present facts on the attacker if they do not shell out up front. five:00 pm on November 27, 2023 (Vietnam time).
Notably, the neighborhood also found Kyber in the message Capitalize the two key terms “Fixed” and “Float”referring to the FixedFloat exchange which is supposed to be the exchange the place the hackers transferred money and might have had facts.
As Coinlive reported that the KyberSwap DEX exchange was hacked on November 23, resulting in a reduction of $54.seven million. Hackers targeted KyberSwap’s elastic liquidity pools, therefore stealing assets on quite a few KyberSwap-backed blockchains to open liquidity pools, which includes Ethereum, Arbitrum, Optimism, Base, Polygon,…
This is deemed a single of the most complicated and sophisticated hacks in background. Kyber’s side also admitted this right after reviewing the incident.
26/ And this is mainly because the “cover quantity” was the upper restrict to attain the tick restrict calculated as …22080000, although the exploiter set a trade amount of …220799999
This displays how very carefully this exploit was developed. Check failed by <0.00000000001% pic.twitter.com/1MYodAaVtd
— Doug Colkitt (@0xdoug) November 23, 2023
At the time of the hack, the attacker “spread” hope by leaving a message ready for negotiation after a sufficient period of rest, but so far no initiative has been made to collaborate on the project.
What should we get from it? pic.twitter.com/6NnXDA5EKr
—olimpio (@OlimpioCrypto) November 23, 2023
Additionally, the cryptocurrency community discovered that hackers sent 1,000 ETH to a wallet address that received funds from the 2020 Indexed Finance hack, suggesting the two may be related.
Last night (November 26), the CEO of Kyber Network, Victor Tran, also intervened to reassure the community, pledging to accompany users in this difficult moment.
It’s been a few days since the exploit attack and I finally have the time and bandwidth to communicate. I remain fully committed to doing everything in my power, together with the team, to support efforts to bring the attackers to justice.
I was pushed @KyberNetwork From…
— Victor Tran (@vutran54) November 26, 2023
Moreover, Kyber Network said it had contacted the people who were running MEV Bot on the Polygon and Avalanche chains, thus recovering $5.7 million.
The KyberSwap team has been in contact with the owners of the frontrun bots who extracted approximately $5.7 million worth of funds* from the KyberSwap pools on Polygon and Avalanche during the exploit.
We have negotiated with the owners of the frontrun bots to return 90% of the funds withdrawn from users…— Kyber Network (@KyberNetwork) November 26, 2023
KNC price is currently trading around USD 0.72, overall not too volatile due to the hacking incident.
KNC/USDT chart taken at 10:30 am on November 27, 2023 on Binance
Coinlive compiled
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