Heco Chain and KyberSwap Lose $133M

In a double blow, both Heco Chain Bridge and KyberSwap fell victim to security breaches, resulting in a staggering total loss of $133M in various crypto assets.

The HTX exchange experienced a significant security breach when its bridge connecting to Ethereum was exploited, draining ~$87M in crypto assets. HTX Global's hot wallets also suffered losses, prompting a commitment from board member Justin Sun to compensate for the losses fully.

The Heco hack appears to be part of a broader pattern of security lapses associated with Justin Sun, who assumed control over the Huobi Eco Chain in October 2022. This incident follows a $100M exploit on Poloniex, another exchange owned by Sun.

Simultaneously, KyberSwap suffered its security incident, losing ~$46M in various crypto assets.

The DEX aggregator experienced a drain across Arbitrum, Optimism, Ethereum, Polygon, and Base. The KyberSwap exploit impacted its TVL, which plummeted by 68% within a few hours…