The Kyber Network team announced via X (formerly Twitter) on Thursday that its KyberSwap Elastic experienced a hack. As a precautionary measure, the team advised all users to promptly withdraw their funds. Kyber Network said they are diligently investigating the situation, and remain committed to keeping users informed with regular updates.
Kyber Network is an on-chain liquidity protocol that aggregates liquidity reserves to allow instant and secure token exchange in multiple decentralized applications (dApps). KNC, the native token of the Kyber Network, is down by 2% in the last 24 hours and currently trades at $0.727.