Kyber fixes code that led to $265,000 theft
Multichain decentralized finance (DeFi) platform Kyber Network has said it has removed an attack vector used in an exploit that saw $265,000 stolen on September 1, Coindesk wrote.
There were two wallets affected – and one of them was already fully compensated for the lost funds.
Kyber said the other wallet gave approvals to the malicious script and had “successfully revoked” his approval without losing any money.
Kyber said it neutralized the threat within two hours of its launch. But the attack exploited a vulnerability in the Kyber code, which made it different from other DeFi attacks that target blockchain contracts.
In other news, police in the Indian state of Maharashtra have arrested two people suspected of running a crypto scam that allegedly saw stolen funds from over 1,400 investors, Coindesk wrote.
The investors were taken for between $6 million and $12 million. The scheme involved promising investors huge rates of return, which did not bear fruit after they invested. So far, 24 investors have said they have lost a total of 4.4 million rupees, but more may come forward soon.
The arrests were made on August 10 following raids in Thane and Powai regions, according to the Economic Offenses Wing (EOW) of Thane Police.
Two arrests were made; Ritesh Dilip Kumar Sikligar alias Pancha; and Mohan Patil, an agent who lured customers from across the country into the scheme. Kumar was believed to be the mastermind and the two have been in jail since an interrogation on August 20.
Finally, Russia is reportedly talking to friendly countries about launching clearer platforms for cross-border settlements in stablecoins, according to a report by Tass, a Russian news agency, Coindesk wrote.
Tass quoted Russia’s Deputy Finance Minister Alexey Moiseyev as saying the country is working with a number of countries to create “bilateral platforms” so they don’t have to use dollars and euros.
Russia has previously taken a hard stance against the use of digital coins, and President Vladimir Putin had signed a law banning digital payments. And the Bank of Russia had pushed for all crypto activity to be banned there.
Moiseyev said the country offers “mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries.”
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