The price of Kyber Network drops after the payment warning

The price of Kyber Network drops after the payment warning

• At the time of printing, the price of Kyber Network Crystal V2 (KNC) today fell by 2.26 %.
• The TVL from Kyber's Elastic product fell to $ 61 million yesterday.
• kyber network has advised liquidity providers to withdraw money

The Kyber Network Crystal V2 (KNC) suffered a blow today after Kyber Network for Decentralized Finance (Defi) had advised his liquidity providers to withdraw funds, citing the weak point of the market. The token had fallen by more than 2 % at the time of writing.

The protocol advised its liquidity providers for elastic products to withdraw funds after they found a potential weak point. Kyber confirmed the potential vulnerability via a Although no product has been lost and no funds have been lost.

On Sunday, the Elastic product had a blocked total value (TVL) of $ 108 million. However, according to the information on Monday, this number fell to around $ 30.88 million Defillama .

The message comes at a time when weaknesses and exploits in the defi room are widespread. The most recent hack includes the 196-million dollar finance hack, the 23 million dollar-librue-exchange hack and the youngest Yearn finance hack.

in 2022 Kyber Network was also hit by a $ 265,000 Exploit.

The price declines after the Kyber Network after the payment warning first appeared on Coinjournal.

Source: Coinlist.me