The data aggregator CoinMarketCap shows that the price of Kyber Network Crystal (KNC) has increased by around 2% in the last twenty-four hours, and it is now trading at $1.79 at the time of writing.
This comes after Kyber Network, the liquidity protocol on which KNC is based, disclosed that it had been the victim of a front-end exploit that cost them $265,000 and that the assault on its website was immediately recognized and repaired within a few hours.
Per the Kyber Network, its staff discovered malicious code in their Google Tag Manager (GTM) that inserted phony permission and made it possible for a hacker to transfer cash belonging to users to his address.
Kyber proceeded by saying that the danger was eliminated within two hours, assuring its customers that it is now safe to utilize all of the functionalities that are available via KyberSwap.
In their words:
“On 1 Sep, 3.24 PM GMT+7, we identified a suspicious element on our frontend. Shutting down our front end to conduct investigations, we identified a malicious code in our Google Tag Manager (GTM)which inserted a false approval, allowing a hacker to transfer a user’s funds to his address. At 4 pm GMT+7 we announced to our community that we had disabled the UI, during which we investigated the cause of the frontend exploit. A malicious code in our GTM was identified upon which we disabled GTM”
They added that the UI is back up and running and that they would be taking the necessary measures to determine where the attacks originated, how extensive the damage is, and whose IP addresses are impacted.
