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KyberSwap reveals possible security flaw, advises liquidity providers to withdraw immediately.
Kyber Network, the creator of the Kyberswap Elastic decentralized cryptocurrency exchange, announced on April 17 that a potential vulnerability has been detected in the exchange’s contracts. It has urged all liquidity providers to withdraw their funds at the earliest opportunity.
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Notice to KyberSwap Elastic Liquidity Providers:
We have discovered a potential vulnerability, and as a precautionary measure, we strongly recommend that all Liquidity Providers withdraw your funds from Elastic as soon as possible.
Investigations are ongoing, and no user funds have been compromised.— Kyber Network (@KyberNetwork) April 17, 2023
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The developer has confirmed that no funds have been compromised. Nevertheless, it has recommended that liquidity providers (LPs) withdraw their funds as a safety measure. Only the funds on Kyberswap Elastic are at risk. The Kyberswap Classic smart contracts are not affected by this vulnerability, according to the team.
In a separate communication, the team indicated that farming rewards have been temporarily halted until a new smart contract can be implemented. All rewards accrued before April 18, 2023, 11 PM (GMT+7) have already been distributed and are not impacted by this suspension.
The developer has indicated that it will provide the community with updates soon regarding when it will be safe to deposit funds back into the protocol.
This is an evolving situation, and additional information will be provided as it becomes available.
