SwissBorg Loses $41M in Solana Hack via Kiln API Exploit

Published: 2025-09-09 17:44:38 |

SwissBorg lost 193,000 SOL (~$41M) after a Solana hack. This Solana hack was the result of a Kiln API exploit in its Solana Earn staking program. The breach impacted 1% of users and 2% of platform assets. SwissBorg and Kiln paused staking and activated incident response protocols. They are working with law enforcement and white-hat hackers to freeze the stolen SOL. SwissBorg will fully cover user reimbursements from its reserves. The incident underscores crypto security and staking risk. SOL price dipped over 2% before rebounding. The attack follows a $2.4M USDC hack on Sui’s Nemo Protocol and a $4.65M rug pull by Aqua. Total DeFi losses in 2025 now exceed $2.37B. Traders should monitor API vulnerabilities and staking partner risks.

Neutral

The Solana hack caused an initial 2% price drop as traders reacted to the Kiln API exploit and security concerns. However, rapid response by SwissBorg and Kiln—pausing staking and freezing stolen funds—helped SOL recover. While the breach highlights ongoing crypto security and staking risks, SOL’s fundamentals remain intact and user reimbursements are guaranteed. This balance of short-term volatility and long-term resilience supports a neutral market impact.