KyberSwap Hacker Wants it All!

Over 320 million lost to hacks in November 2023🙀

Sovereign Frontier

Dec 02, 2023

Gm fren,

November 2023 was packed with crypto hacks. Word on the crypto street is, it’s being called RecktVember.

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🎯 Kyberswap hacker wants it all!🙀

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Kyberswap hacker wants it all!

November 2023 will go down in crypto history as one of the dark months due to hacks. In total, there were about 10 recorded hacks resulting in over $ 320 million worth of assets being stolen. The hacks included Defi protocols, Centralized Exchanges and Bridges. First place for most hacked goes to Poloniex($126m), second to Heco Bridge ($86.6m) and third to KyberSwap elastic ($48m). The total Value hacked per Defillama now sits around 7.45b.

Among these hacks, one stands out the most in terms of being eccentric, the KyberSwap hack. KyberSwap is one of the oldest Defi protocols in existence today. The hack began 10:55pm UTC November 22, 2023 and targeted KyberSwap Elastic Pools - KyberSwap Elastic is a protocol within the Automated Market Maker (AMM) space, developed to cater to increasingly sophisticated yield generation strategies. It allows liquidity providers to customize their liquidity positions by specifying a price range. This system is designed to meet the demands for more tailored liquidity management solutions in the evolving DeFi landscape. The hacker manipulated the KyberSwap Elastic smart contracts through a series of complex operations. According to BlockSec, the exploit was due to tick manipulation and double liquidity counting.

In summary, the attackers borrowed a flash loan and drained the pools with low liquidity. By executing swaps and altering positions, they manipulated the current prices and ticks of the victimized pools. Ultimately, the attacker triggered multiple swap steps and cross tick operations, resulting in double liquidity counting and consequently draining the pools.

Quirky Hacker Ultimatum: A Crypto Comedy of Control!

In a twist that seems straight out of a supervillain playbook, the KyberSwap hacker has put forth a set of demands that are as bold as they are bizarre. After pocketing a cool $48 million, they're now eyeing the ultimate prize: the whole Kyber company. Yes, you read that right—the hacker wants the keys to the kingdom, or more accurately, the codes to the crypto!

The hacker's Wishlist includes everything from the executive chair to the coffee machine. They're offering to buy out the current execs, doubling down as the world's most unlikely headhunter and promising to double the salaries of the remaining staff. "Stay with me, and you'll see the zeros in your paycheck multiply," seems to be the motto.

For the tokenholders fretting over their digital dimes, the hacker plays the unlikely hero, promising a future where their tokens are worth more than just digital dust. And for the liquidity providers who've seen better days, there's a 50% off coupon on their losses – a rebate that's half comforting, half cheeky.

But here's the kicker: this is a one-time offer, expiring faster than a discount on Black Friday. The deadline? December 10. Miss it, and the deal's off the table, along with any hopes of a blockchain fairy tale ending. And if any pesky agents come poking around about those dubious trades? Well, that's a deal-breaker too.

Read the entire hacker demand here! it’s a hack for the crypto comedy scene!

It's like watching a chess game where the hacker is making some bold, if not slightly amusing, moves. Stay tuned to see how this crypto saga unfolds!

And that’s all for today frens. Thank you for reading. Stay safe and catch you on the next one. Peace!

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