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Kyber Network, a key player in the decentralized finance (DeFi) realm, faces a significant setback after falling victim to a major security breach that resulted in a substantial loss of nearly $50 million. This breach, spanning across multiple chains, raises concerns about the security challenges faced by decentralized financial platforms and their ability to safeguard user assets.

 

Known for its KyberSwap Elastic platform, Kyber Network has been a trailblazer in the DeFi sector. The platform allows users to swap various digital assets without relying on traditional intermediaries, aligning with the core tenets of decentralized finance. The incident occurs at a pivotal moment for Kyber Network, which had previously experienced significant momentum during the “DeFi summer” characterized by heightened interest and investments in decentralized finance.

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