SwissBorg Loses $41 Million in SOL Due to API Vulnerability
- Hackers exploited a vulnerability in the API of SwissBorg’s staking partner, Kiln, draining approximately 193,000 Solana tokens.
- The stolen SOL tokens were valued at around $41 million at the time of the incident.
- Only users depositing SOL in SwissBorg’s Earn program were affected, representing about 1% of its customer base and accounting for roughly 2% of total assets.
- SwissBorg confirmed that its app and other Earn products remained unaffected by the hack.
- The company plans to reimburse affected users and is collaborating with international agencies and exchanges for further investigation.
This breach highlights vulnerabilities within third-party services used by cryptocurrency platforms, emphasizing the need for robust security measures in Staking infrastructures. Despite the significant financial loss, SwissBorg maintains its operational integrity and financial health.
The incident resulted in a loss of $41 million worth of SOL tokens but did not jeopardize SwissBorg’s overall stability or operations. The company has committed to reimbursing impacted users promptly.(Source)
