Today in Crypto: DeFi Platform Kyber Fixes Code That Led to $265,000 Theft; Russia Eyes Stablecoin Cross-Border Platforms

Multichain decentralized finance (DeFi) platform Kyber Network has said it’s removed an attack vector used in an exploit that saw $265,000 stolen on Sept. 1, Coindesk wrote.

There were two wallets affected — and one of them was already fully compensated for the funds lost.

Kyber said the other wallet provided approvals to the malicious script and had “successfully revoked” his approval without losing money.

Kyber said it neutralized the threat in two hours after it started. But the attack did exploit a vulnerability in the Kyber code, which made it different from other DeFi attacks that target blockchain contracts.

In other news, police in the Indian state of Maharashtra have arrested two people on suspicion of running a crypto scam, which reportedly saw stolen funds from over 1,400 investors, Coindesk wrote.

The investors were taken for between $6 million and $12 million. The scheme involved promising investors massive rates of return, which didn’t bear fruit after they invested. So far, 24 investors said they lost a total of 4.4 million rupees, but more people could come forward soon.

The arrests were made Aug. 10 following raids of the Thane and Powai regions, according to the Economic Offences Wing (EOW) of Thane Police.

There were two arrests made; Ritesh Dilip Kumar Sikligar, alias Pancha; and Mohan Patil, an agent who lured customers from around the country into the scheme. Kumar was thought to be the mastermind, and the two have been in jail since a questioning Aug. 20.

Finally, Russia is reportedly talking to friendly countries about launching clearer platforms for cross-border settlements in stablecoins, per a report from Tass, a Russian news agency, Coindesk wrote.

Tass quoted Russia’s Deputy Finance Minister Alexey Moiseyev as saying the country is working with numerous countries to make “bilateral platforms,” so they don’t have to use dollars and euros.

Russia has had hard stances against using digital coins in the past, and President Vladimir Putin had signed a law banning digital payments. And the Bank of Russia had pushed for all crypto activity to be banned there.

Moiseyev said the country offers “mutually acceptable tokenized instruments that will be used on these platforms, which are essentially clearing platforms that we are currently developing with these countries.”