SwissBorg crypto platform robbed of over $40 million in Solana

Switzerland-based crypto platform SwissBorg said Monday it lost about $41 million worth of Solana due to a security breach.

"This is a difficult day for SwissBorg," a company spokesperson said in a video posted on X, who added that the breach didn't involve the company's app but rather a staking partner. Apparently, "a partner API was compromised," leading to an attack on its SOL Earn Program.

Online sleuth ZachXBT said Monday that SwissBorg lost approximately 192,600 SOL ($41.3 million).

SwissBorg said it planned to use its SOL treasury to help users "recover a significant portion of their balance," and that amounts would soon be finalized.  The company also said that it had engaged "white-hat hackers and security partners to recover compromised funds with the goal of making all users whole."

The news of the multimillion-dollar breach came amid another major scare in crypto. On Monday, the compromise of an NPM software developer led to a supply chain attack. Recognizing the threat, Ledger CTO Charles Guillemet recommended that people not using hardware wallets temporarily cease executing onchain transactions.

A supply chain attack involves a hacker or hackers compromising a trusted part of the software distribution process rather than targeting individual users.

SwissBorg said Monday's breach has not affected "other Earn Programs" or funds stored in the company's proprietary App.