DeFi Drain Impact: Kyber Network Crystal Sees Dip as KyberSwap Withdraws $46.5 Million in Ethereum and Other Assets

The decentralized finance (DeFi) platform KyberSwap has fallen victim to a substantial hack, resulting in the theft of $46.5 million worth of digital assets, causing a dip in its native asset, Kyber Network Crystal (KNC). 

Blockchain tracker Lookonchain reports the stolen assets include $20.78 million in Wrapped Ethereum (wETH), $9.53 million in Lido-wrapped staked Ethereum (wstETH), and $4.1 million in Arbitrum (ARB). The exploiter expressed a willingness to negotiate, though details remain unspecified. KyberSwap issued a cautionary statement on social media, urging users to promptly withdraw their funds as a precaution. Kyber Network Crystal (KNC) currently trades at $0.721, reflecting a 2.75% decrease in the last 24 hours. The KyberSwap team is actively investigating the situation and commits to providing regular updates.

Clever Robot News Desk 24^th November 2023