DeFi
Decentralized finance (DeFi) protocol Kyber Community has suggested liquidity suppliers on its Elastic product to withdraw funds after discovering a possible vulnerability.
The protocol confirmed the potential vulnerability in a tweet whereas noting that no funds had been misplaced and that the KyberSwap Traditional product is unaffected. The protocol’s native token, KNC, dropped by 2% following the tweet.
The Elastic product had $108 million in complete worth locked (TVL) on Sunday, however that determine has now slumped to $61 million based on DefiLlama.
Vulnerabilities and exploits have been rife throughout the DeFi ecosystem this 12 months, with Euler Finance shedding nearly $200 million in an assault final month.
Kyber Community was hit with a $265,000 exploit in 2022.
The protocol confirmed that investigations are ongoing.
