SwissBorg CEO blames $41M loss on staking partner Kiln
SwissBorg CEO Cyrus Fazel denies that hackers breached his wealth management firm to steal $41 million, instead blaming the exploit on an external DeFi wallet held by its SOL staking partner Kiln. The theft, which was first reported by crypto sleuth ZachXBT on Monday, has already been compared by blockchain security specialist Chaofan Shou to the 2025 ByBit hack. Shou noted that a week-old unstaking transaction gave the hacker withdrawal authority over the funds. Somehow they gave withdraw authority to the exploiter while unstaking. Bybit hack V2?https://t.co/eGrtWFsedZ https://t.co/WsvK6rMFRu pic.twitter.com/aNuOE2sSnV — Chaofan Shou (svm/acc) (@shoucccc) September 8, 2025 The transaction unstaked over $200,000. Read more: DeFi default: Kinto shutdown prompts first haircut for Wildcat lenders Kiln announced today that it has disabled various services on its staking platform, such as its “Kiln Dashboard, Widget and APIs,” until it resolves the...