KyberSwap to launch its Elastic protocol with a new smart contract after a fronted attack that caused a $265K USDC loss from BitMart.
KyberSwap, a decentralized exchange (DEX) aggregator and liquidity platform, announced that it will suspend mining and mining rewards on its Elastic protocol today at 4:00 PM UTC to deploy an upgraded smart contract. The upgrading follows a fronted assault that cost BitMart $265,000 USDC.
According to KyberSwap’s Twitter post, the upgrade will not affect the initial rewards of KyberSwap users. Mining will resume once the new smart contract is live. Kyber Network, the company behind KyberSwap, advises users to withdraw their liquidity and claim their mining rewards before 4:00 PM UTC today.
Users must withdraw their liquidity by then or KyberSwap will treat it as an emergency withdrawal and return it to their original wallets. However, KyberSwap will forfeit any unclaimed mining rewards.
Kyber Network further stated that the Elastic protocol has no smart contract vulnerability and no user monies were lost. The business blamed unscrupulous users for the fronted attack. Kyber Network urged users to be careful when signing permissions and reviewing transaction details.
KyberSwap’s Elastic protocol lets users construct and manage liquidity pools with variable fees and rewards. The protocol went live in February this year and it has over $100 million in total value (TVL) from users.
KyberSwap is one of the top crypto DEX aggregators, delivering users with the best rates and liquidity across several DEXes. KyberSwap also provides features such as limit orders, gas-free transactions, and fiat on-ramps.
