The cryptocurrency wealth management platform SwissBorg, headquartered in Switzerland, reported that hackers exploited an API vulnerability in its staking partner Kiln to steal approximately 193,000 Solana tokens from its Earn project.
The company stated in a post on the X platform that the SwissBorg application and other Earn products were not affected by this hacking incident. The stolen SOL tokens were valued at around $41 million at the time of writing.
The breach originated from Kiln, a provider of staking infrastructure for yield products on blockchains such as Solana and Ethereum.
The API attack targeted the software "bridge" that connects the two systems. In SwissBorg's case, its application relies on Kiln's API to communicate with the Solana staking network. By compromising the API, hackers were able to manipulate requests and siphon off funds.
SwissBorg stated that despite the hacking incident, the company remains in good financial health, daily operations were unaffected, and impacted users will be contacted directly via email.
SwissBorg CEO Cyrus Fazel hosted an X Space shortly after the company released a statement about the hacking incident. According to Fazel, the breach only affected users who had deposited Solana tokens in its Earn project, which accounts for about 1% of its customer base and 2% of total assets.
"This is a significant amount of money, but it does not put SwissBorg at risk," the spokesperson said.
SwissBorg's Solana Earn project allows users to deposit SOL through its application to earn staking rewards, utilizing infrastructure provided by Kiln. This product is part of SwissBorg's broader suite of Earn products, which includes assets like BTC and ETH, designed to provide retail users with a simple way to earn staking yields without directly managing validation nodes or DeFi protocols.
The company has committed to compensating affected users, noting, "With our current treasury, we are already able to do this," while emphasizing that the company is also collaborating with international agencies, exchanges, and white-hat hackers to assist in the investigation, with some transactions having been blocked.
Fazel described it as "a bad day for SwissBorg" and stated that this incident will ultimately serve as a learning experience for the company.
Blockchain data shows that the stolen funds were transferred to a Solana wallet, which is now marked as "SwissBorg Exploiter" on Solscan, advising users to exercise caution when interacting with it.
Cointelegraph has reached out to SwissBorg and Kiln for comments but has not received an immediate response.
Related: Ethereum (ETH) Layer 2 network Kinto announces gradual shutdown months after being hacked, with tokens plummeting 81%
Original article: “SwissBorg Hacked for $41 Million SOL Due to Third-Party API Compromise”
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