{"id":10155,"date":"2025-09-09T03:43:02","date_gmt":"2025-09-09T03:43:02","guid":{"rendered":"https:\/\/bitunikey.com\/news\/swissborg-loses-41m-in-solana-following-api-related-hack\/"},"modified":"2025-09-09T03:43:08","modified_gmt":"2025-09-09T03:43:08","slug":"swissborg-loses-41m-in-solana-following-api-related-hack","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/swissborg-loses-41m-in-solana-following-api-related-hack\/","title":{"rendered":"SwissBorg loses $41M in Solana following API-related hack"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">SwissBorg, a Swiss crypto wealth management platform, suffered a $41 million hack on Sept. 8 after attackers exploited a vulnerability in a partner\u2019s API.<\/p>\n<div id=\"cn-block-summary-block_07c6fdde3701be906555a311b49c210f\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>SwissBorg lost $41M in SOL after a September 8 hack exploiting partner Kiln\u2019s API.<\/li>\n<li>Only 1% of users were affected, with treasury funds covering losses.<\/li>\n<li>The incident highlights rising risks from API vulnerabilities in DeFi.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The company <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/swissborg\/status\/1965123506477359471?s=46&amp;t=nznXkss3debX8JIhNzHmzw\" target=\"_blank\" rel=\"nofollow\">confirmed<\/a> the breach in an X post on the same day, assuring users that core systems and other services remained unaffected.<\/p>\n<h2 class=\"wp-block-heading\">API flaw linked to Kiln partner<\/h2>\n<p>The exploit stemmed from SwissBorg\u2019s integration with staking provider Kiln. Hackers manipulated the API connection the Solana (SOL) Earn program used, siphoning off about 192,600 SOL tokens. The tokens, valued at between $41 million and $41.5 million, were moved to a new wallet that is now flagged as the \u2018SwissBorg Exploiter\u2019 on Solscan.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">SOL Earn Incident &amp; SwissBorg Recovery Plan<\/p>\n<p>A partner API was compromised, impacting our SOL Earn Program (~193k SOL, &lt;1% of users).<br \/>\ud83d\udc49 Rest assured, the SwissBorg app remains fully secure and all other funds in Earn programs are 100% safe.<\/p>\n<p>Our recovery plan.<br \/>Immediate Actions\u2026<\/p>\n<p>\u2014 SwissBorg (@swissborg) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/swissborg\/status\/1965123506477359471?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">September 8, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>The stolen funds represent almost half of SwissBorg\u2019s total Solana reserves of $72.6 million. Despite the size of the loss, the company stressed that only around 1% of users were directly affected, with no impact on other Earn products or the SwissBorg app.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">SwissBorg\u2019s recovery plan<\/h2>\n<p>SwissBorg outlined its immediate actions to protect users in its public statement. The company has allocated assets from its own Solana treasury to cover the majority of user losses, with final compensation amounts still being determined. Chief executive officer Cyrus Fazel described the incident as \u201ca bad day, but not a fatal one,\u201d highlighting the firm\u2019s financial stability.<\/p>\n<p>To track down the stolen assets, SwissBorg is working with blockchain investigators, white-hat hackers, and security partners like Fireblocks and the Solana Foundation. Exchanges have already blocked some of the transactions connected to the exploit. To prevent similar breaches, the platform also promised to improve third-party risk oversight and strengthen security protocols.<\/p>\n<h2 class=\"wp-block-heading\">Broader security concerns in crypto<\/h2>\n<p>Discussions concerning third-party integration and API dependency vulnerabilities in the crypto industry have been triggered by the incident. It adds to a string of exploits in September, including a $2.4 million attack on Nemo Protocol, a decentralized finance project on Sui (SUI).\u00a0<\/p>\n<p>While SwissBorg\u2019s transparency and commitment to reimbursing users have been praised, the hack underscores ongoing risks for staking programs and DeFi services. For updates and recovery plan announcements, the company has directed users to its official X account.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SwissBorg, a Swiss crypto wealth management platform, suffered a $41 million hack on Sept. 8 after attackers exploited a vulnerability in a partner\u2019s API. Summary SwissBorg lost $41M in SOL&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/10155","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=10155"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/10155\/revisions"}],"predecessor-version":[{"id":10157,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/10155\/revisions\/10157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/10156"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=10155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=10155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=10155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}