Hacked Multichain DeFi Platform Kyber Network | Vulnerability Issues For Their Coin?
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Kyber Network, a popular multichain decentralized finance (DeFi) platform, said it neutralized a threat in two hours after it started. The attack did exploit a vulnerability in the Kyber code, which made it different from other DeFi attacks that target blockchain contracts.
Multichain decentralized finance (DeFi) platform Kyber Network has said it’s removed an attack vector used in an exploit that saw $265,000 stolen on Sept. 1, Coindesk wrote.
There were two wallets affected — and one of them was already fully compensated for the funds lost.
Kyber said the other wallet provided approvals to the malicious script and had “successfully revoked” his approval without losing money.
Kyber said it neutralized the threat in two hours after it started. But the attack did exploit a vulnerability in the Kyber code, which made it different from other DeFi attacks that target blockchain contracts.
What is Kyber Network?
Kyber Network is a decentralised cryptocurrency exchange and DeFi platform supporting token swaps for more than 1,500 crypto coins, as well as staking, farming and dapp production solutions. The blockchain-run exchange has a native token, KNC, which is used for governance, fees and support for the range of decentralised services offered. This 2022 Kyber Network review will explore how it works and delve into the various functions of the project, including its staking system, liquidity provision and security procedures.
Kyber Network experienced an attack on September 1st in which $265,000 was stolen. The company neutralized the threat within two hours and has said it has removed the attack vector used in the exploit. While Kyber claims that this particular attack exploited a vulnerability in their code, it is still unclear as to how the attackers were able to gain access to such funds. This event serves as another reminder of why security should be a top priority for any organization dealing with digital assets.
FAQ
What was the highest price for Kyber Network Crystal?
Kyber Network Crystal hit an all time high of $5.70 on Apr 29, 2022 (4 months).
What was the lowest price for Kyber Network Crystal?
Kyber Network Crystal had an all time low of $1.11 on Jun 22, 2021 (about 1 year).
Is it good to invest in kyber network?
Is Kyber Network Crystal a good investment?
Potentially. While the forecasts are mostly optimistic, you should remember that long-term forecasts often turn out to be wrong, so it is important to do your own due diligence before considering making any investments.
What is kyber network coin?
KNC is the native cryptocurrency of the Kyber Network, an Ethereum-based decentralized exchange that aggregates liquidity (cash for executing trades) and facilitates instant swaps for ether and ERC-20 tokens.
Is KNC a good investment 2022?
Capital indicated that the price of KNC will rise to US$ 2.87 by the end of 2022. This site sees the potential for KNC prices to be around US$ 4.76 before rising between US$ 5.28 and US$ 5.29 throughout 2025.
