Cyvers in the News

Hack Drains Over $100 Million From Crypto Protocol Balancer

Total losses have climbed to about $128 million, Cyvers said in a message.

“The ongoing drain likely stems from a compromise of access control mechanisms within the protocol, allowing the attackers to manipulate balances directly,” Deddy Lavid, Cyvers’ Chief Executive, said in a message. "The balancer team is still attempting to re-establish control , which explains why the exploit continues."

Venus Protocol suspends platform after phishing scam drains $27 million, XVS falls 6%

The pause followed reports from blockchain security firm Cyvers, which flagged a suspicious transaction draining nearly $27 million from a single wallet.

Cyvers added: “The stolen funds are currently held in the attacker’s contract and remain unswapped.”

Venus Protocol Trader Loses $30 Million in Major Error, Cyvers Confirms

“This incident shows that even experienced DeFi users remain vulnerable to sophisticated phishing schemes. By tricking the victim into granting token approvals, the attacker was able to drain $27 million from a Venus Protocol in a single transaction” said Hakan Unal Senior Security Operation Lead at Cyvers.