The blockchain security company Cyvers has reason to believe that a Kyber Network attack was responsible for an unusual $50 million HXA token transfer.
The blockchain security company Cyvers has found a significant security flaw in the Kyber Network, a well-known platform for bitcoin exchanges. This finding follows a slew of high-profile security breaches that hit other cryptocurrency exchanges in November, including KyberSwap.
Attackers responsible for the Kyber Network vulnerability were linked to an “abnormal transaction” that Cyvers disclosed. A red flag was immediately raised because these coins were transmitted from an Ethereum address using an odd transaction method.
Multiple externally owned accounts (EOAs), who are known to be the biggest holders of HXA tokens, were found to have received the funds, according to Cyvers’s further research. This transfer of funds emphasizes the difficulty and dangers of cryptocurrency transactions as well as the importance of strong security measures.
In light of KyberSwap’s previous security breaches, which resulted in significant cash losses, this occurrence is quite concerning. The discovery by Cyvers has raised concerns about the security and veracity of transactions on the Kyber Network and other cryptocurrency exchanges.
Many parties have responded to these developments by taking substantial action. To help in their investigation, Cyvers has asked for further details and has asked for everyone to work together. Additionally, it is unknown if the frozen HXA token on the cryptocurrency exchanges MEXC and Gate.io has anything to do with the security problems brought about by the stolen money.
Uncertainty already exists due to the fact that the HXA coin’s official website is down at the moment. This lack of availability raises concerns about the Herencia Artifex NFT project’s operational state and its implications for HXA token holders.
The potential link between the Kyber Network hack and a flaw in the Multicall function, as proposed by Cyvers, raises concerns about the security of smart contract implementations in the crypto world. It stresses the importance of being on high alert at all times and using cutting-edge security measures to ward off cybercriminals.
Also Read: DTCC Website Now Offers Bitcoin ETFs In Addition To BlackRock
Wallets