🚨 KyberSwap Hit by $47M Security Breach! 🚨

KyberSwap, a top multi-chain DEX aggregator, suffered a massive security breach on Nov 23, 2023, losing a whopping $47 million due to a smart contract reentrancy attack. 😱

📉 The platform's TVL nosedived by 90%, highlighting the importance of robust smart contract security.

🔍 The vulnerability likely stemmed from KyberSwap's new v2 reinvestment token (KS2-RT) mint function, which contained a mint callback, enabling reentrancy attacks.

🛡️ Kyber Network advised users to withdraw funds and is now working to strengthen security measures.

💡 This incident underscores the need for:

- Rigorous auditing & real-time monitoring

- Adherence to development best practices

- A security-first approach in DeFi

🌐 Read more: [KyberSwap Responds to $47 Million Hack, Proposes 10% Bounty to Retrieve Funds](https://metaversepost.com/kyberswap-responds-to-47-million-hack-proposes-10-bounty-to-retrieve-funds/)

👇 Share your thoughts on this breach and how the DeFi community can bolster security!