KyberSwap gives a ten% bounty to hacker who stole $47M

• KyberSwap is but to get again the $7 million that was stolen on November 22.
• The decentralized alternate has provided a ten% bounty to the hacker in a bid to get the funds again.
• Safety agency Beosin unveils the intricacies of the exploit, attributing the assault to a vulnerability in Kyber’s liquidity swimming pools.

Following the $47 million KyberSwap hack on November 22, the decentralized alternate protocol has made a daring transfer in an try to get well the funds.

The protocol has provided a bounty in a bid to encourage the hacker to return the stolen belongings.

Incentive for the hacker

In response to an on-chain message left by the perpetrator, KyberSwap has provided a ten% bounty (amounting to $4.7 million) to the hacker who executed the exploit.

The hacker had hinted at negotiations with the KyberSwap workforce, stating, “Expensive Kyberswap Builders, Workers, DAO members, and LPs, negotiations will begin in just a few hours when I’m totally rested. Thanks.”

KyberSwap’s co-founder, Victor Tran, conveyed an easy ultimatum in an on-chain message, presenting the hacker with a selection: return the funds or “keep on the run.” The bounty provide is contingent on the hacker returning the remaining 90% of the stolen funds to a specified tackle by 6 am UTC on November 25.

The KyberSwap assault

The assault focused KyberSwap’s Elastic swimming pools, exploiting a vulnerability associated to the tick interval boundaries on Kyber’s liquidity swimming pools. Safety agency Beosin revealed that the flaw allowed the hacker to artificially double the liquidity, draining $47 million throughout numerous blockchains, together with Arbitrum,  Ethereum, Optimism, Polygon, and Base.

The incident underscored the persistent challenges and safety dangers within the decentralized finance (DeFi) area. KyberSwap’s proactive method of providing a bounty is geared toward mitigating the influence of the exploit and guaranteeing that liquidity suppliers are compensated for his or her losses.

The state of affairs stays fluid because the hacker has not responded to the bounty proposal, sustaining silence because the assault on November 22.