Swiss stock exchange hacked: Attackers steal 41 million in Solana

INFBusiness
14.09.2025
News

The crypto platform SwissBorg has fallen victim to a hacker attack. Unknown attackers exploited a vulnerability in the API of the staking service provider Kiln and stole approximately 193,000 Solana from the company's Earn program. However, as SwissBorg itself announced on X, the app itself and other Earn products were not affected by the incident. When the theft was first announced on Tuesday, the damage initially amounted to approximately $41 million. Because the SOL price has increased by several percentage points in recent days, the stolen coins are currently worth almost $48 million.

At the heart of the attack was a compromised application programming interface (API). The SwissBorg app communicated with the Solana staking network via this digital bridge. By manipulating this connection, the hackers were able to inject fake requests and thus withdraw funds. Such API attacks are considered particularly risky in the crypto industry because they target central interfaces that are essential for the functionality of entire platforms. However, the Swiss company stated that it remains in good financial shape despite the hack. Daily operations have not been impacted, and the affected Solana holders are being contacted directly via email.

Solana holders are compensated by SwissBorg

Although tens of thousands of users of the crypto exchange lost part of their SOL balances, SwissBorg intends to fully cover the damage. The company will draw on its own Solana treasury holdings to fully cover the loss. “There will be no loss for users of the SwissBorg community,” emphasized company spokesperson Laura Gialluca. CEO Cyrus Fazel stated in an XStream that only 1 percent of the customer base was affected and that while it was “a bad day” for the crypto exchange, there was no serious threat.

At the same time, the Swiss crypto platform, founded in 2018, stated that it is already working with international authorities, exchanges, and so-called white hat hackers to support the investigation. Some of the Solana transactions have already been blocked. SwissBorg claims to have around 890,000 users, with assets under management amounting to just under $2 billion.

Read also

The trail leads to North Korea The most expensive click in the world: How 2,000 Bitcoin were stolen in seconds

Since SwissBorg has previously enjoyed a reputation as a reputable and secure crypto platform, the damage to its reputation is likely to exceed the immediate value of the 193,000 stolen Solana coins. This incident is one of a growing number of cyberattacks in the crypto sector. According to the FBI's Internet Crime Report, damages in 2024 already totaled $9.3 billion, a 66 percent increase over the previous year. Ripple CEO Brad Garlinghouse has also recently issued several warnings about crypto criminals. He now intends to strike back and protect XRP investors with a new strategy.

Recommended Video: Crypto Comeback? Bitcoin & Co. Depend on the US Federal Reserve!