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Kyber Network, a popular altcoin, has fallen victim to a major hack, resulting in the theft of a significant amount of money. Although this incident may not have a significant impact on the overall market sentiment, it has caused a rapid decline in the price of the altcoin.
Why is KNC Coin Dropping?
Kyber has been hacked, resulting in a loss of over $20 million. Following the reporting of the exploit, the price dropped from $0.756 to $0.723, and panic selling continues at the time of writing. The exploit has affected 7.5 million on the main network, 315,000 on Base, and ongoing exploits on other networks. The attackers have accumulated a total of $45 million.
For those unfamiliar, Kyber Network is a decentralized exchange protocol, distributed across various networks such as Arbitrum, Base, and the mainnet. Although the exploits are occurring on different networks, experts believe that it is the same vulnerability. Investors are advised to quickly move their balances to secure addresses. This attack has already caused significant losses, especially for liquidity providers.
Based on the latest data, Kyber Network has a total locked value of $85 million, which is likely to be the maximum amount the attackers can access.