KyberSwap DEX Hacked for $48 Million, Attacker Teases Negotiations

The decentralized exchange had over $80 million in total value locked before the incident.

AccessTimeIconNov 23, 2023 at 2:20 a.m. UTC
Updated Mar 9, 2024 at 5:43 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized exchange (DEX) KyberSwap has been attacked for nearly $50 million, and administrators are advising users to withdraw all funds as a precautionary measure as the exploiter says negotiations will soon commence.

On-chain data shows that the attacker is stealing funds mostly in Ether, wrapped ether (wETH) and USDC. The attacker has also hit multiple cross-chain deployments of KyberSwap, taking over $20 million on Arbitrum, $15 million from Optimism and $7 million from Ethereum.

On-chain sleuths have ruled out this being related to a bug in the DEX's approval authorization code, and suggest that the theft is a directed attack against the liquidity provider pools themselves.


The attacker has teased that "negotiations will start in a few hours when I am fully rested." The attacker also asked, "how is Ontario this time of year".

Hackers teasing their victims via signing transactions with strings of text is an increasingly common trend with decentralized finance exploits.

The DEX currently has $22.23 million in total value locked (TVL) according to DeFiLlama, down from approximately $80 million before the attack.

Edited by Nikhilesh De.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.