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.