A substantial exploit appears to have hit KyberSwap, a decentralized exchange protocol. The hack has resulted in a staggering loss of $47 million. This exploit, as indicated by on-chain data, targeted funds within KyberSwap’s Elastic Pools liquidity solution. The protocol’s breach came to light when detecting unexpected and sizable movements of funds, notably from wallets linked to the protocol. A vigilant user named Spreek on first observed this suspicious activity on X (formerly Twitter).