The hacker who attacked Kyber Network has been identified as Andean Medjedovic, a 22-year-old Canadian. According to the indictment released in the Federal Court in Brooklyn (USA), Medjedovic is accused of carrying out the attack on the KyberSwap Elastic platform, stealing 47 million USD, and Indexed Finance, stealing over 16 million USD, totaling approximately 65 million USD in cryptocurrency assets.

Medjedovic is believed to have exploited a vulnerability in the KyberSwap Elastic protocol in November 2023 by manipulating prices in liquidity pools, leading to a smart contract error, and then withdrawing money from the system. After executing the attack, the hacker attempted to extort Kyber Network by demanding control of the platform in exchange for returning 50% of the stolen funds. The price of $KNC plummeted. Currently, Medjedovic is still on the run, and authorities are still searching for him.

Immediately after the attack, Kyber Network quickly implemented measures to remedy the situation and supported 100% of legitimate damages for users. Mr. Trần Huy Vũ, CEO of Kyber Network, denied rumors that the company staged the hack and emphasized that Kyber Network was completely unrelated to this act.

This incident has also significantly impacted the Kyber ecosystem. Data from DefiLlama shows that after the attack, the total assets locked in the Kyber system sharply decreased from 86 million USD to 27 million USD, and by the end of November 2023, it was only about 7.17 million USD.

This incident serves as a significant lesson for Vietnamese blockchain startups in enhancing security. Many tracing organizations like Chaintracer and Verichain have actively supported investigations and proposed risk mitigation measures.

Source: @Blog Tiền Ảo