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

The Kyber Elastic attack on November 23rd stole over $47 million worth of cryptocurrency assets (Ethereum, Arbitrum, Optimism, Polygon, and Base). According to Mr. Phan Duc Trung, Permanent Vice President of the Vietnam Blockchain Association (VBA), the ChainTracer project, a team of technology experts, collaborated with security and blockchain data analysis firms to track the incident immediately after it was reported.

"Based on publicly available information as well as special reports that VBA received from reputable partners Certik and Chainalysis, and the opinions of experienced experts, we assess this as a meticulously planned attack carried out over a long period by a highly skilled team with advanced technological expertise," Mr. Trung stated.

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

Mr. Tran Huy Vu, CEO and co-founder of Kyber Network, said that they are negotiating with the attackers and are committed to mobilizing all resources to recover the stolen funds and reimburse users to the maximum extent possible. "The process could take several months, even years, but we have identified this as our top priority until it is completely resolved," the head of Kyber Network emphasized.

Further assessing the incident, Nguyen Thanh Son, Vice President of ABN Europe, stated that the Kyber Elastic "accident" should be seen as a warning to similar projects in the decentralized finance (DeFi) world. "Other projects need to carefully consider security and insurance options to protect the assets of investors, provide liquidity, and facilitate transactions on web platforms. DeFi shouldn't be thought of as just a technology world when it has responsibilities as a financial system," the expert shared.

Sharing the same view, Mr. Phan Duc Trung advised that blockchain and web3 project developers need to have appropriate codes of conduct, and also learn from the commitment to guaranteeing investors' assets according to standards equivalent to the traditional financial sector to build trust with users and increase the responsibility of project owners.

Following the announcement of the KyperSwap Elastic hack, data from DefiLlama showed that the total user assets deposited into Kyber's project had decreased from $86 million to $27 million. This indicates a massive withdrawal from the platform. Additionally, the price of Kyber Network's KNC token plummeted from $0.756 at 6 AM to just $0.721.

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