Kyber Network price dips after withdrawal alert

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Kyber Network price dips after withdrawal alert

By Charles Thuo - min read
  • At press time, the price of Kyber Network Crystal v2 (KNC) had dropped 2.26% today.
  • Kyber’s Elastic product’s TVL has plunged to $61 million yesterday.
  • Kyber Network has advised liquidity providers to withdraw funds

The Kyber Network Crystal v2 (KNC) took a hit today after Decentralized finance (DeFi) Kyber Network advised its liquidity providers to withdraw funds citing market vulnerability. The token had dropped by more than 2% at the time of writing.

The protocol advised its KyberSwap Elastic product liquidity providers to withdraw funds after finding a potential vulnerability. Kyber confirmed the potential vulnerability via a tweet although it noted that no product has been affected and no funds have been lost so far.

KyberSwap Elastic TVL drops

On Sunday, Kyber Network’s KyberSwap Elastic product had $108 million in total value locked (TVL). However, that figure had dropped to about $30.88 million on Monday according to DefiLlama.

The news comes at a time when vulnerabilities and exploits have become rife across the DeFi space. The most recent hack includes the $196 million Euler Finance hack, the $23 million Bitrue exchange hack, and the recent Yearn Finance hack.

In 2022, Kyber Network was also hit with a $265,000 exploit.