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Kyber Network recovers $4.67 million after exploit negotiation

EditorPollock Mondal
Published 11/27/2023, 08:21 AM
KNC/USD
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Following a recent exploit that threatened the security of decentralized finance, Kyber Network has successfully retrieved $4.67 million by engaging with frontrun bot operators. This recovery comes after a complex attack, described as an "infinite money glitch," targeted liquidity pools on the Polygon and Avalanche networks. The network confirmed Sunday that they are working closely with law enforcement to continue recovering user funds from various blockchain platforms impacted by the exploit.

In a separate but related sphere of the cryptocurrency world, presidential candidate Vivek Ramaswamy is bringing Bitcoin to the forefront of political discussion. On Friday, Ramaswamy announced his intention to include the topic of Bitcoin in Republican debates, framing it as a matter of technological freedom and innovation. This move comes amid his criticism of U.S. government officials who perceive Bitcoin as a systemic risk. Ramaswamy's stance on digital currencies was further elucidated in an interview on "What Bitcoin Did," where he challenged the views of legislators like Senator Elizabeth Warren, who has supported potential bans on digital currencies like Bitcoin in the United States.

In other financial news, Grayscale's Bitcoin Trust (GBTC) saw its discount rate narrow significantly on Thursday, suggesting a growing optimism for the approval of spot Bitcoin ETFs in the U.S. market. This optimism is fueled by actions from major financial institutions such as BlackRock (NYSE:BLK), which filed for spot Bitcoin ETFs back in June.

Meanwhile, Argentina's political landscape is poised for a dramatic shift in economic policy as President-elect Javier Milei, representing the Freedom Advances party, has pledged to abolish the nation's central bank. His commitment, made public on Wednesday, is a response to the country's escalating inflation rates, and he has dismissed any suggestions of tempering his economic strategy upon taking office.

The cryptocurrency sector continues to face various challenges, with former Binance CEO Changpeng Zhao contesting proposed changes to his bail conditions set by U.S. authorities. Additionally, cryptocurrency exchange Zipmex paused its trading activities in Thailand due to regulatory compliance issues, underscoring the ongoing regulatory hurdles within the industry. Reports have also surfaced about increasing substance abuse among cryptocurrency traders, attributed to the high stress associated with market volatility.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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