Switzerland-based cryptocurrency platform SwissBorg confirmed on Monday that it suffered a major security breach in its Solana staking program. The attack resulted in hackers draining about 192,600 SOL tokens worth over $41 million at the time. In a video message on X, a company spokesperson explained that the compromise did not involve SwissBorg’s proprietary app or customer deposits held directly on the platform. Instead, the breach was traced back to its partner Kiln, whose API was compromised and became the entry point for attackers. Attack Targeted SOL Earn Program The stolen funds were from SwissBorg’s SOL Earn Program. This service lets customers stake Solana in exchange for yield. According to the company, the flaw in its partner’s system enabled attackers to exploit the connection and siphon tokens. Meanwhile, SwissBorg emphasized that other Earn Programs and core services remain secure. The company is now working to finalize the total impact on customers. Immediate Recovery Plan In a post on X, SwissBorg confirmed that it plans to utilize its SOL treasury to assist affected users in restoring a significant portion of their balances. The company added that final amounts would be announced soon. In addition, SwissBorg has enlisted the help of white-hat hackers and security experts to trace and potentially recover the stolen tokens. The firm stated that the ultimate goal is to make all users whole. Crypto Security Concerns Widen The breach at SwissBorg coincided with another major cybersecurity scare within the digital assets industry. On the same day, the compromise of an NPM software developer led to a supply chain attack, raising fresh alarms. A supply chain attack differs from direct wallet or exchange hacks. Instead, it involves attackers infiltrating trusted software distribution channels, making it harder to detect and prevent. Commenting on the broader risk, Ledger CTO Charles Guillemet advised crypto investors who are not using hardware wallets to pause on-chain transactions temporarily. Commitment Moving Forward SwissBorg has reassured users that its app and other programs remain fully operational and unaffected by the hack. The company stated it is committed to learning from the breach. To that end, it will implement additional security measures to prevent similar incidents in the future. While losses of this scale continue to shake confidence in centralized staking platforms, SwissBorg’s decision to cover user balances may help preserve trust among its community. Final details on compensation will be out in the coming days.Switzerland-based cryptocurrency platform SwissBorg confirmed on Monday that it suffered a major security breach in its Solana staking program. The attack resulted in hackers draining about 192,600 SOL tokens worth over $41 million at the time. In a video message on X, a company spokesperson explained that the compromise did not involve SwissBorg’s proprietary app or customer deposits held directly on the platform. Instead, the breach was traced back to its partner Kiln, whose API was compromised and became the entry point for attackers. Attack Targeted SOL Earn Program The stolen funds were from SwissBorg’s SOL Earn Program. This service lets customers stake Solana in exchange for yield. According to the company, the flaw in its partner’s system enabled attackers to exploit the connection and siphon tokens. Meanwhile, SwissBorg emphasized that other Earn Programs and core services remain secure. The company is now working to finalize the total impact on customers. Immediate Recovery Plan In a post on X, SwissBorg confirmed that it plans to utilize its SOL treasury to assist affected users in restoring a significant portion of their balances. The company added that final amounts would be announced soon. In addition, SwissBorg has enlisted the help of white-hat hackers and security experts to trace and potentially recover the stolen tokens. The firm stated that the ultimate goal is to make all users whole. Crypto Security Concerns Widen The breach at SwissBorg coincided with another major cybersecurity scare within the digital assets industry. On the same day, the compromise of an NPM software developer led to a supply chain attack, raising fresh alarms. A supply chain attack differs from direct wallet or exchange hacks. Instead, it involves attackers infiltrating trusted software distribution channels, making it harder to detect and prevent. Commenting on the broader risk, Ledger CTO Charles Guillemet advised crypto investors who are not using hardware wallets to pause on-chain transactions temporarily. Commitment Moving Forward SwissBorg has reassured users that its app and other programs remain fully operational and unaffected by the hack. The company stated it is committed to learning from the breach. To that end, it will implement additional security measures to prevent similar incidents in the future. While losses of this scale continue to shake confidence in centralized staking platforms, SwissBorg’s decision to cover user balances may help preserve trust among its community. Final details on compensation will be out in the coming days.
SwissBorg to Compensate Users After $41M Solana Staking Hack
Switzerland-based cryptocurrency platform SwissBorg confirmed on Monday that it suffered a major security breach in its Solana staking program. The attack resulted in hackers draining about 192,600 SOL tokens worth over $41 million at the time. In a video message on X, a company spokesperson explained that the compromise did not involve SwissBorg’s proprietary app or customer deposits held directly on the platform. Instead, the breach was traced back to its partner Kiln, whose API was compromised and became the entry point for attackers. Attack Targeted SOL Earn Program The stolen funds were from SwissBorg’s SOL Earn Program. This service lets customers stake Solana in exchange for yield. According to the company, the flaw in its partner’s system enabled attackers to exploit the connection and siphon tokens. Meanwhile, SwissBorg emphasized that other Earn Programs and core services remain secure. The company is now working to finalize the total impact on customers. Immediate Recovery Plan In a post on X, SwissBorg confirmed that it plans to utilize its SOL treasury to assist affected users in restoring a significant portion of their balances. The company added that final amounts would be announced soon. In addition, SwissBorg has enlisted the help of white-hat hackers and security experts to trace and potentially recover the stolen tokens. The firm stated that the ultimate goal is to make all users whole. Crypto Security Concerns Widen The breach at SwissBorg coincided with another major cybersecurity scare within the digital assets industry. On the same day, the compromise of an NPM software developer led to a supply chain attack, raising fresh alarms. A supply chain attack differs from direct wallet or exchange hacks. Instead, it involves attackers infiltrating trusted software distribution channels, making it harder to detect and prevent. Commenting on the broader risk, Ledger CTO Charles Guillemet advised crypto investors who are not using hardware wallets to pause on-chain transactions temporarily. Commitment Moving Forward SwissBorg has reassured users that its app and other programs remain fully operational and unaffected by the hack. The company stated it is committed to learning from the breach. To that end, it will implement additional security measures to prevent similar incidents in the future. While losses of this scale continue to shake confidence in centralized staking platforms, SwissBorg’s decision to cover user balances may help preserve trust among its community. Final details on compensation will be out in the coming days.
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