🌐Recovery of $5.7M from Bots, Return Stolen Crypto Back to Kyberswap Deployers
🔒 Securing the Future: KyberSwap Elastic's Triumph Over Adversity
In a recent update, KyberSwap Elastic, a crucial project within the Kyber network, has successfully reclaimed approximately $5.7 million in stolen cryptocurrency, marking a significant victory in its recovery journey. This achievement underscores KyberSwap Elastic’s unwavering commitment to user security and its ability to overcome digital challenges.
🛡️ Details of the Recovery:
Blockchain security firm PeckShield reported the return of about 361,876 USDC.e, a digital currency, to KyberSwap on the Avalanche blockchain. Notably, this recovery is linked to one of the individuals involved in the recent security breach. Moreover, the KyberSwap team engaged in negotiations with operators of front-run bots, automated trading programs, resulting in the return of nearly $4.67 million to KyberSwap’s digital wallet on the Polygon blockchain.
💻 Understanding the Hack:
On November 23, KyberSwap Elastic faced a sophisticated digital attack where hackers manipulated the platform’s smart contracts, leading to the unlawful withdrawal of user funds totaling around $54.7 million.
🔐 Ongoing Security Measures:
KyberSwap is actively pursuing the recovery of additional stolen funds, implementing robust security measures. These include internal checks, audits conducted by renowned security firms, and community-driven security reviews. The objective is not only to recover the funds but also to fortify the platform against potential future attacks.
🚀 KyberSwap remains committed to providing a secure and resilient environment for its users, reflecting a dedication to the future of decentralized finance. Stay tuned for more updates!
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