Kyber Network Releases Update After KyberSwap Front-End Exploit
Table of contents
Kyber Network wrote in a blog post that only two wallets were affected, and both have been restored, with one receiving complete financial compensation. Before any losses occurred, the other wallet impacted had canceled his authorization.
As per the specifics of the attack vector, Kyber Network has confirmed that the execution of the attack was not via Google Tag Manager. The team claimed it could not share more at this time and that the introduction of malicious scripts was through an alternative method.
Additionally, it highlights how secure smart contracts and the API are. Given that this is the first occurrence of Kyber Network's existence, the team enlisted support and encouragement.
Support From Binance
To minimize the harm caused by the attack, Kyber Network has also been collaborating with other businesses in the sector. Kyber received information from Binance after two hackers involved in the incident were identified.
Binance frequently assists with the freezing of funds connected to hacks. The exchange has occasionally come under fire, with some users naming it a "Big Brother" system. However, it has primarily been praised for its assistance in preventing attack losses.
Kyber To Develop Cutting-Edge Monitoring System
Teams must concentrate on security to minimize losses because the cryptocurrency market has also been the target of attacks. The KyberSwap team will provide a report once the inquiry concludes. The end of the month should see the release of this report.
In terms of the future, the team is creating a cutting-edge monitoring system to scan the website. If anything suspicious happens, this will notify the team. Users will also have access to a status page and security status checks at any time.