Kyber Network Advises Liquidity Providers to Withdraw Funds Amid Vulnerability, Token Drops 2%
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Decentralized finance (DeFi) protocol Kyber Network has advised liquidity providers on its Elastic product to withdraw funds after finding a potential vulnerability.
The protocol confirmed the potential vulnerability in a tweet while noting that no funds had been lost and that the KyberSwap Classic product is unaffected. The protocol’s native token, KNC, dropped by 2% following the tweet.
The Elastic product had $108 million in total value locked (TVL) on Sunday, but that figure has now slumped to $61 million according to DefiLlama.
Vulnerabilities and exploits have been rife across the DeFi ecosystem this year, with Euler Finance losing almost $200 million in an attack last month.
The protocol confirmed that investigations are ongoing.
Edited by Stephen Alpher.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
