'The Kyber Elastic hack that stole $47 million was very elaborate'

The Kyber Elastic attack that took place on November 23rd took away crypto assets (Ethereum, Arbitrum, Optimism, Polygon and Base) worth more than 47 million USD. According to Mr. Phan Duc Trung, Permanent Vice President of Vietnam Blockchain Association (VBA), the team of technology experts, the ChainTracer tracing project coordinated with security units, blockchain data analysis to track the incident immediately after this information was announced.

"Based on publicly collected information as well as special reports that VBA received from reputable partners such as Certik, Chainalysis, and opinions from a team of experienced experts, we assess that this was an attack that was carefully prepared for a long time in advance, carried out by a highly skilled team of technology experts," said Mr. Trung.

The Kyber Elastic hack should be seen as a warning to similar projects in the decentralized finance world

Mr. Tran Huy Vu, CEO and co-founder of Kyber Network, said that he is negotiating with the attackers and committed to mobilizing all resources to recover the stolen funds and return them to the maximum extent possible to system users. "The incident may last for several months, even years, but we have determined that this is our top priority until it is completely resolved," the head of Kyber Network emphasized.

Further assessing the incident, Vice President of ABN Europe - Nguyen Thanh Son said that the "accident" of Kyber Elastic should be seen as a warning for similar projects in the world of decentralized finance DeFi. "Other projects need to carefully consider security issues and insurance plans to protect the assets of investors, provide liquidity and trade on web3 platforms. DeFi should not be thought of as just a technology world when it is responsible as a financial system," this expert shared.

Sharing the same view, Mr. Phan Duc Trung recommends that blockchain and web3 project development units need to have a suitable code of conduct, along with learning to commit to guaranteeing assets for investors according to standards equivalent to the traditional financial sector to build trust with users and increase the responsibility of project owners.

After the KyperSwap Elastic hack was announced, data from DefiLlama showed that the total user deposits into the Kyber project dropped from $86 million to $27 million. This indicates a massive withdrawal from the platform. In addition, the price of Kyber Network's KNC token also dropped sharply from $0.756 at 6 AM to only $0.721.

Source link: https://thanhnien.vn/vu-hack-kyber-elastic-trom-47-trieu-usd-rat-cong-phu-185231129163418137.htm