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KyberSwap is yet to get back the $7 million that was stolen on November 22. The decentralized exchange has offered a 10% bounty to the hacker in a bid to get the funds back. Security firm Beosin unveils the intricacies of the exploit, attributing the attack to a vulnerability in Kyber’s liquidity pools. Following the $47 million KyberSwap hack on November 22, the decentralized exchange protocol has made a bold move in an attempt to recover the funds. The protocol has offer ed a bounty in a bid to encourage the hacker to return the stolen assets. Incentive for the hacker In response to an on-chain message left by the perpetrator, KyberSwap has offered a 10% bounty (amounting to $4.7 million) to the hacker who executed the exploit. The hacker had hinted at negotiations with the KyberSwap team, stating, “Dear Kyberswap Developers, Employees, DAO members, and LPs, negotiations will start in a few hours when I am fully rested. Thank you.” ...

A number of industry pundits believe the U.S. Office of Foreign Assets Control’s threat to impose sanctions has victims thinking twice about paying up. Ransomware victims have seemingly had enough of the extortion, with ransomware revenues for attackers plummeting 40% to $456.8 million in 2022. Blockchain intelligence firm Chainalysis shared the data in a Jan. 19 report, noting that the figures don’t necessarily mean the number of attacks is down from the previous year. Instead, Chainalysis noted that companies have been forced to tighten cybersecurity measures, while ransom victims have been increasingly unwilling to pay attackers their demands. Total value extorted by ransomware attackers between 2017 and 2022. Source: Chainalysis. The findings formed part of Chainalysis’ 2023 Crypto Crime Report. Last year, revenue from Ransomware was a whopping $602 million at the time of the 2022 report, which was later tipped up to $766 million. Chainalysis added that the nature of blockchain m...