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KyberSwap Hacked for $48 Million, Hackers Suggest Negotiations
Source: KyberSwap
KyberSwap, a decentralized exchange, has been compromised in a hack resulting in the theft of $48 million, prompting the platform to advise users to withdraw their funds while the attackers hint at entering negotiations.
On-chain data indicates that the hack on KyberSwap resulted in significant losses of $48 million across several blockchain networks, including 20 million from Arbitrum, $15 million from Optimism and $7 million from Ethereum.
The stolen funds were primarily deposited in Ethereum (ETH), Wrapped Ethereum (wETH), and USD Coin (USDC). The analysis of the incident indicates a direct attack on the exchange’s liquidity pools instead of a vulnerability in the platform’s code.
Kyber Network has sent out notifications to advise users to withdraw their funds. “We regret to inform you that KyberSwap Elastic has experienced a security incident,” said Kyber Network. “As a precautionary measure, we strongly advise all users to promptly withdraw their funds. Our team is diligently investigating the situation, and we commit to keeping you informed with regular updates.”
The hackers left an on-chain message, suggesting potential negotiations, “Negotiations will start in a few hours when I am fully rested. Thank you.” Netflix Director Gambles $4M Show’s Budget on Dogecoin, Makes $27M in Profits.
Director Carl Erik Rinsch, known for “47 Ronin,” gambled portion of the $61.2 million budget received from Netflix for the sci-fi series “Conquest” on stocks and Dogecoin.
Rinsch, 46, initially secured $44.3 million for his series, but as costs escalated, he requested an additional $11 million from Netflix to sustain production.
However, Rinsch took an unconventional route with the extra funds. Instead of investing in the series, he used $10.5 million from Netflix’s 2020 funding round to venture into the stock market, The New York Times reported.
Court filings and financial documents from his divorce proceedings revealed that Rinsch incurred losses of $5.9 million through stock trading.
After losing money in stocks, Rinsch shifted his focus to the crypto market, where his fortunes took a positive turn. A $4 million bet on the popular meme coin Dogecoin turned into a windfall, yielding nearly $27 million in profits.
Seizing the opportunity, Rinsch indulged in extravagant purchases, including luxury cars like a Ferrari and five Rolls-Royces, along with high-end designer goods, totaling $8.7 million.