Kyber Network warns users of potential vulnerability on KyberSwap Elastic platform
Kyber Network, a decentralized finance protocol team, has issued a warning to users of its KyberSwap Elastic platform about a possible security breach.
While the developers did not provide details about the vulnerability, they have urged users to withdraw their deposits as quickly as possible.
The Elastic platform is a decentralized cryptocurrency exchange developed by Kyber that allows users to trade digital assets and provide liquidity to generate additional income.
The Kyber team has confirmed that no user funds were affected by the breach, but they are continuing to investigate the matter.
Liquidity providers are prohibited from adding funds to the platform until the situation is resolved.
The KyberSwap Classic platform, another DEX-platform developed by the Kyber team, has not reported any issues.
As of Friday evening, April 18, users have withdrawn more than 90% of their liquidity from the KyberSwap Elastic platform, with only $8.9 million still locked on the exchange.
Last year, the Kyber Network protocol was hacked, but the vulnerability was not significant, and the attackers were only able to withdraw $265,000 worth of assets.
Tags: Kyber Network, KyberSwap Elastic, decentralized finance, vulnerability, security breach, liquidity providers, DEX-platform, KyberSwap Classic, digital assets, cryptocurrency exchange, user funds, investigation.