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Kyber Network Advises Liquidity Providers to Withdraw Funds Amid Vulnerability, Token Drops 2%
Kyber's Elastic product's total value locked has plunged to $61 million from $108 million a day earlier.
Decentralized-finance protocol Kyber Network has advised liquidity providers on its Elastic product to withdraw funds after it found a potential vulnerability.
The protocol confirmed the potential flaw in a tweet while noting that no funds had been lost and that the KyberSwap Classic product is unaffected. The protocol's native token, KNC, dropped by 2% following the tweet.
STORY CONTINUES BELOW
The Elastic product had $108 million in total value locked on Sunday, but that figure has dropped to $61 million according to DefiLlama.
Vulnerabilities and exploits have been rife across the DeFi ecosystem this year, with Euler Finance losing almost $200 million in an attack last month.
Kyber Network was hit with a $265,000 exploit in 2022.
The protocol confirmed that investigations are ongoing.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
