The post SwissBorg loses $41M in SOL after partner API compromise affects earn program appeared on BitcoinEthereumNews.com. Swiss crypto platform SwissBorg suffered a $41 million theft when attackers compromised a partner API, draining approximately 193,000 SOL from the company’s Earn program and affecting roughly 1% of users. CEO Cyrus Fazel addressed the incident during a Sept. 8 live broadcast, confirming that SwissBorg’s main application remains secure while emphasizing the company’s commitment to full user compensation. The breach occurred through what Fazel described as “one of the best partners in the world” for staking services. He added: “SwissBorg has not been hacked. There is an external attack from a provider that was unfortunately compromised.” According to Fazel, the stolen funds represent approximately 2% of SwissBorg’s total assets under management (AUM). The company immediately allocated treasury funds to cover user losses, with Fazel stating the company possesses sufficient resources for complete reimbursement. The platform also engaged white-hat hackers and security partners to recover the compromised funds through blockchain analysis and exchange cooperation. Multiple exchanges blocked transactions linked to the attack, preventing some stolen funds from being liquidated. Fazel noted that various entities, including Fireblocks, Solana Foundation, and blockchain investigators, assisted in tracking the stolen assets across multiple wallet addresses. The Crypto Investor Blueprint: A 5-Day Course On Bagholding, Insider Front-Runs, and Missing Alpha Nice 😎 Your first lesson is on the way. Please add [email protected] to your email whitelist. The incident exclusively affected users participating in SwissBorg’s SOL Earn strategy, leaving other staking programs and platform funds untouched. Fazel stressed that the company’s financial health remains stable despite the significant loss. Despite due diligence on partner selection, external vulnerabilities can expose user funds to sophisticated attackers. Fazel framed the incident as a learning experience while acknowledging the emotional toll on affected users. He stated: “It’s never easy to be like, oh shit, I just lost some of your funds.… The post SwissBorg loses $41M in SOL after partner API compromise affects earn program appeared on BitcoinEthereumNews.com. Swiss crypto platform SwissBorg suffered a $41 million theft when attackers compromised a partner API, draining approximately 193,000 SOL from the company’s Earn program and affecting roughly 1% of users. CEO Cyrus Fazel addressed the incident during a Sept. 8 live broadcast, confirming that SwissBorg’s main application remains secure while emphasizing the company’s commitment to full user compensation. The breach occurred through what Fazel described as “one of the best partners in the world” for staking services. He added: “SwissBorg has not been hacked. There is an external attack from a provider that was unfortunately compromised.” According to Fazel, the stolen funds represent approximately 2% of SwissBorg’s total assets under management (AUM). The company immediately allocated treasury funds to cover user losses, with Fazel stating the company possesses sufficient resources for complete reimbursement. The platform also engaged white-hat hackers and security partners to recover the compromised funds through blockchain analysis and exchange cooperation. Multiple exchanges blocked transactions linked to the attack, preventing some stolen funds from being liquidated. Fazel noted that various entities, including Fireblocks, Solana Foundation, and blockchain investigators, assisted in tracking the stolen assets across multiple wallet addresses. The Crypto Investor Blueprint: A 5-Day Course On Bagholding, Insider Front-Runs, and Missing Alpha Nice 😎 Your first lesson is on the way. Please add [email protected] to your email whitelist. The incident exclusively affected users participating in SwissBorg’s SOL Earn strategy, leaving other staking programs and platform funds untouched. Fazel stressed that the company’s financial health remains stable despite the significant loss. Despite due diligence on partner selection, external vulnerabilities can expose user funds to sophisticated attackers. Fazel framed the incident as a learning experience while acknowledging the emotional toll on affected users. He stated: “It’s never easy to be like, oh shit, I just lost some of your funds.…

SwissBorg loses $41M in SOL after partner API compromise affects earn program

Swiss crypto platform SwissBorg suffered a $41 million theft when attackers compromised a partner API, draining approximately 193,000 SOL from the company’s Earn program and affecting roughly 1% of users.

CEO Cyrus Fazel addressed the incident during a Sept. 8 live broadcast, confirming that SwissBorg’s main application remains secure while emphasizing the company’s commitment to full user compensation.

The breach occurred through what Fazel described as “one of the best partners in the world” for staking services. He added:

According to Fazel, the stolen funds represent approximately 2% of SwissBorg’s total assets under management (AUM).

The company immediately allocated treasury funds to cover user losses, with Fazel stating the company possesses sufficient resources for complete reimbursement.

The platform also engaged white-hat hackers and security partners to recover the compromised funds through blockchain analysis and exchange cooperation.

Multiple exchanges blocked transactions linked to the attack, preventing some stolen funds from being liquidated. Fazel noted that various entities, including Fireblocks, Solana Foundation, and blockchain investigators, assisted in tracking the stolen assets across multiple wallet addresses.

The incident exclusively affected users participating in SwissBorg’s SOL Earn strategy, leaving other staking programs and platform funds untouched.

Fazel stressed that the company’s financial health remains stable despite the significant loss.

Despite due diligence on partner selection, external vulnerabilities can expose user funds to sophisticated attackers. Fazel framed the incident as a learning experience while acknowledging the emotional toll on affected users.

He stated:

The CEO promised regular updates throughout the recovery process and committed to transparent communication regarding fund retrieval efforts.

SwissBorg plans to implement additional security measures to prevent similar incidents while collaborating with law enforcement agencies worldwide.

Mentioned in this article

Source: https://cryptoslate.com/swissborg-loses-41m-in-sol-after-partner-api-compromise-affects-earn-program/

Market Opportunity
Whiterock Logo
Whiterock Price(WHITE)
$0.0002016
$0.0002016$0.0002016
-0.98%
USD
Whiterock (WHITE) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Robinhood WLFI Listing: A Revolutionary Opportunity for Crypto Investors

Robinhood WLFI Listing: A Revolutionary Opportunity for Crypto Investors

BitcoinWorld Robinhood WLFI Listing: A Revolutionary Opportunity for Crypto Investors Exciting news is rippling through the cryptocurrency community! Robinhood US, a popular commission-free trading platform, is set to add another digital asset to its growing roster. Reports from BWE News confirm the highly anticipated Robinhood WLFI listing, a development that could significantly impact both the WLFI project and the broader crypto market. This move by Robinhood underscores the increasing mainstream adoption of digital currencies and offers new avenues for investors. What Does the Robinhood WLFI Listing Mean for You? For many, Robinhood is a gateway to financial markets, known for its user-friendly interface. The upcoming WLFI Robinhood listing introduces WLFI to a vast audience of retail investors who might not typically venture into more complex crypto exchanges. But what exactly is WLFI? WLFI Explained: WLFI represents a decentralized finance (DeFi) token focused on community governance and innovative yield strategies. Its inclusion on Robinhood could boost its visibility and legitimacy. Increased Accessibility: Robinhood’s platform simplifies the process of buying and selling cryptocurrencies. This listing means millions of new potential users will have direct access to WLFI, fostering greater participation in its ecosystem. Why is a Robinhood Listing So Important for Digital Assets? A listing on a major platform like Robinhood carries substantial weight in the crypto world. It’s not just about adding another token; it’s about validation and exposure. The Robinhood WLFI listing highlights several key benefits: Mainstream Exposure: Robinhood boasts a massive user base, many of whom are relatively new to crypto. This exposure can lead to increased demand and potentially greater liquidity for WLFI. Enhanced Liquidity: More traders mean more trading volume. Higher liquidity generally leads to more stable prices and easier execution of trades, benefiting both buyers and sellers of WLFI. Perceived Legitimacy: Being listed alongside established cryptocurrencies on a regulated platform like Robinhood can lend an air of credibility to WLFI, attracting more institutional and retail interest. This strategic move by Robinhood also reflects a broader trend of traditional financial platforms embracing digital assets. It signals a growing confidence in the long-term viability and potential of cryptocurrencies beyond just Bitcoin and Ethereum. Navigating the New Opportunity: What Should Investors Know About WLFI on Robinhood? While the WLFI Robinhood listing presents exciting prospects, it’s crucial for investors to approach new opportunities with a clear understanding. The crypto market, including WLFI, can be volatile. Here are some actionable insights: Do Your Own Research (DYOR): Before investing, thoroughly research WLFI’s project fundamentals, team, technology, and use cases. Understand its whitepaper and roadmap. Understand Market Volatility: Cryptocurrency prices can fluctuate dramatically. Be prepared for potential price swings and invest only what you can afford to lose. Diversification is Key: Avoid putting all your capital into a single asset. Diversifying your portfolio across different cryptocurrencies and asset classes can help mitigate risk. Security Measures: Ensure your Robinhood account is secured with strong passwords and two-factor authentication. The ease of access provided by Robinhood makes it simpler for new investors to enter the market, but this ease should not overshadow the importance of informed decision-making. The Broader Impact of Robinhood’s Latest Crypto Move The decision by Robinhood to include WLFI in its offerings is more than just an individual token listing; it’s indicative of a shifting landscape. Robinhood continues to expand its crypto footprint, responding to user demand and the evolving digital asset ecosystem. Each new addition, like the Robinhood WLFI listing, contributes to the mainstreaming of cryptocurrencies. This trend suggests that we can expect more digital assets to become available on user-friendly platforms, bridging the gap between traditional finance and the innovative world of blockchain. It’s an exciting time for those interested in the future of finance, as accessibility continues to improve. In conclusion, the impending Robinhood WLFI listing is a significant event for the cryptocurrency market. It promises increased visibility, liquidity, and accessibility for WLFI, while also reaffirming Robinhood’s commitment to expanding its crypto offerings. For investors, it opens a new avenue, but one that still requires diligent research and a clear understanding of market dynamics. This development marks another step forward in the journey of digital assets into the mainstream financial world. Frequently Asked Questions (FAQs) 1. What is WLFI? WLFI is a decentralized finance (DeFi) token focused on community governance and innovative yield strategies. Its purpose is to empower its community through voting on protocol changes and participate in its ecosystem. 2. When will WLFI be available on Robinhood US? While BWE News reported the listing, specific dates for the availability of WLFI on Robinhood US are typically announced by Robinhood directly. Investors should monitor official Robinhood channels for the exact launch date. 3. How does a Robinhood listing benefit a cryptocurrency like WLFI? A Robinhood listing provides significant benefits, including exposure to millions of retail investors, increased trading volume and liquidity, and enhanced perceived legitimacy within the broader financial market. This can lead to greater adoption and ecosystem growth. 4. Is WLFI a good investment after its Robinhood listing? Whether WLFI is a “good” investment depends on individual financial goals, risk tolerance, and thorough personal research. While a Robinhood listing offers increased visibility, it does not guarantee price appreciation. Investors should always conduct their own due diligence before making any investment decisions. Did you find this article informative? Share this exciting news with your friends and fellow crypto enthusiasts on social media! Let them know about the upcoming Robinhood WLFI listing and its potential impact on the market. To learn more about the latest crypto market trends, explore our article on key developments shaping digital asset institutional adoption. This post Robinhood WLFI Listing: A Revolutionary Opportunity for Crypto Investors first appeared on BitcoinWorld.
Share
Coinstats2025/09/25 20:30
When Is The Best Time To Trim Fruit Trees?

When Is The Best Time To Trim Fruit Trees?

If you’re wondering when to trim your fruit trees, you’re not alone. This is one of the common questions we get from homeowners and gardeners alike. The answer
Share
Techbullion2026/01/19 17:39
Trump tariff impact on Greenland sparks Bitcoin volatility analysis and ETF-driven market resilience

Trump tariff impact on Greenland sparks Bitcoin volatility analysis and ETF-driven market resilience

Amid renewed geopolitical tensions over Greenland, analysts are closely watching bitcoin volatility as traders digest President Trump’s latest tariff threat. Tariff
Share
The Cryptonomist2026/01/19 16:07