KNC Drops Nearly 4% After Kyber Network Discovers Potential Vulnerabilities

Decentralized finance (DeFi) protocol Kyber Network is advising liquidity providers of its Elastic product to withdraw funds after discovering a potential vulnerability.

The protocol confirmed the potential breach in a tweet, noting that no funds were lost and the KyberSwap Classic product was not affected. The protocol’s native token, KNC, fell nearly 4 percent following the tweet.

Source: TradingView

As of Sunday, the Elastic product had a total value locked (TVL) of $108 million, but that figure has now dropped to $61 million, according to DefiLlama.

Vulnerabilities and exploits have been rampant in the DeFi ecosystem this year, with Euler Finance losing nearly $200 million in an attack last month.

Kyber Network was hacked in 2022 and lost $265,000. The agreement confirms that the investigation is ongoing.

  • What does Kyber Network say about users exchanging 2 million USDC but only getting 0.05 USDT?
  • Kyber Network (KNC) Up 55% After Integration with Uniswap v3 and Avalanche Rush Phase 2


According to Coindesk

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