SwissBorg has experienced a serious incident involving a hack that resulted in a loss of around $41 million in Solana (SOL). However, user funds in the app remain safe, as the incident affected less than 1% of the total user base.
What Happened?
According to SwissBorg CEO Cyrus Fazel, the attack occurred due to a compromised partner API. The hacker stole about 192,600 SOL, which is approximately 2% of SwissBorg's total assets. Other Earn strategies and user funds remain secure.
SwissBorg's Plan to Address the Situation
SwissBorg stated that users will not incur losses. The company plans to cover any missing funds using its own SOL treasury. The measures include:
* Recovery Operations: Working with white-hat hackers, Fireblocks, and law enforcement to recover stolen funds. * Immediate Support: Providing funds from its treasury to pay users immediately during the recovery process. * Transparency: Offering frequent updates on social media and committing to a complete incident report after the investigation concludes.
Company Outlook
The SOL hack is a significant incident; however, SwissBorg's response has been swift and reassuring. The financial health of the platform remains sound, and day-to-day operations are unaffected. CEO Cyrus Fazel will also host a YouTube stream to engage with the community, answer questions, and provide updates.
The SOL hack represented a major crisis, but SwissBorg's quick response and commitment to safeguarding users have helped preserve trust. With solid partnerships and a clear recovery strategy, SwissBorg can emerge from this incident stronger and safer.
