The Cyber Attack on KyberSwap: A Tale of Attempted Takeover - Latest cryptocurrency news

The Cyber Attack on KyberSwap: A Tale of Attempted Takeover

The world of crypto is constantly witnessing new and interesting events. Today, a similar situation occurred. Imagine a scenario where a cyber attacker manages to hijack your modem and use it as their own. While there may be nothing you can do in such a situation, this story could have become a reality if centralized internet infrastructure companies did not provide this service. In the crypto world, a different version of this story is unfolding.

The KyberSwap platform fell victim to a swift and comprehensive attack by an assailant. On November 30th, the attacker published a chain-wide message to all parties. The attacker released a long list of demands, including temporary full authority and ownership of the KyberDAO governance mechanism.

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In exchange, the attacker offered to buy the company at a fair value. Once the administrators were given a share, the protocol would be completely under the control of the attacker. Additionally, the attacker proposed doubling the salaries of employees under the new management and even promised a 12-month compensation for those who wished to leave. They even pledged to assist those who wanted to find new jobs.

Being able to read this offer without bursting into laughter would be considered a success, as the situation is a complete tragicomedy. The fact that the attacker could turn this dream into reality is unfortunate. This example clearly illustrates how decentralized structures can be seized by malicious attackers and how administrations can be changed.

The attacker declared that this offer was the best and only offer. According to the attacker, the Kyber team must fulfill their demands by December 10th. Otherwise, the “agreement will be considered invalid” and the attacker will likely disappear along with the assets.

Once this agreement is completed, what will happen to the attacker’s reputation in the crypto world? This incident is so shocking that if it is revealed that a well-known figure is behind it, it would be no surprise if no one makes a fuss about it anymore.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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