Posted: November 23, 2023 | Last updated: November 24th, 2023

• The exploit targeted funds within KyberSwap’s Elastic Pools liquidity solution.
• KyberSwap urged all users to promptly withdraw their funds.

A substantial exploit appears to have hit KyberSwap, a decentralized exchange protocol. The hack has resulted in a staggering loss of $47 million.

This exploit, as indicated by on-chain data, targeted funds within KyberSwap’s Elastic Pools liquidity solution.

The protocol’s breach came to light when detecting unexpected and sizable movements of funds, notably from wallets linked to the protocol.

A vigilant user named Spreek on first observed this suspicious activity on X (formerly Twitter).

Kyber being exploited on all chains rn. here’s an example tx on base. 20m+ lost already pic.twitter.com/gvv7M9HWH6

— Spreek (@spreekaway) November 22, 2023

The exploited funds include a hefty $20.7 million on Arbitrum [ARB], $15 million on Optimism [OP], $7 million on