DeFi1 source
Kava Lend Exploit Drains Millions as KAVA Falls 47%
Headline from The Defiant
Key points
- Kava Lend suffered a major security breach after attackers leveraged artificially inflated BUSD collateral values.
- The exploit enabled the malicious actors to borrow 55.2 million KAVA tokens from the protocol.
- Following the incident, three South Korean cryptocurrency exchanges acted quickly to suspend bridge withdrawals and token transfers, while the native KAVA token dropped 47%.
Summarized automatically by Kryptokite from reporting by The Defiant. Read the original sources for full detail.
Coins mentioned
Sources
- The DefiantKava Lend Exploit Drains Millions as KAVA Falls 47% · 1 hour agoRead on The Defiant
Story timeline
- The Block1 min read
Kava Lend loses roughly $3.8 million to hack, sending KAVA token down nearly 40%
- Crypto Briefing1 min read
Kava investigates suspicious on-chain activity as exchanges suspend KAVA transfers
- Crypto Briefing1 min read
KAVA token sinks 40% as exploit hits Kava Lend, exchanges halt withdrawals
- Crypto Briefing1 min read
Kava token plunges nearly 50% after bridged tokens are dumped on BSC
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