KyberSwap Breach: CertiK Reports $48.8M Loss

CertiK reported that the KyberSwap fraudster is sending money to Tornado Cash.

November saw the DeFi market maker incur a loss of $48.8 million due to the KyberSwap breach. The intruder transferred BNB tokens valued at $338,000 to an externally owned account on the Polygon network earlier last week.

These funds were transferred to the decentralized cryptocurrency tumbler Tornado Cash today.

The KyberSwap breach has emerged as one of the most unexpected breaches of the year, not due to the substantial cryptocurrency values compromised but rather due to the atypical requirements posed by the perpetrator.

Under the alias @Kyber_Director, the hacker demanded complete authority over the organization as payment for the return of the funds.

Kyber Network responded that the organization was entirely dedicated to assisting law enforcement agencies in their efforts to apprehend the perpetrator and retrieve the stolen funds.

Additionally, the company has pledged to reimburse impacted customers from its treasury.

Furthermore, Tornado Cash has been subject to considerable scrutiny in recent times. The mixer has purportedly served as a conduit for the transfer of illegitimate funds by militants and hackers.

The recent delisting of TRON, the blockchain native token, by Binance occurred after the exchange’s resolution with the DOJ.

The delisting precipitated a roughly 45 percent one-day price decline for TRON.

The price of TRON has decreased by more than 55% in the preceding fortnight, notwithstanding an industry-wide upswing in the overall market.