Bitcoin App SwissBorg Just Got Hit With a $41M Solana Hack

Crime

A vulnerability at one of SwissBorg’s service providers has led to one of the largest Solana-related thefts this year.

Roughly 193,000 SOL – valued around $41.5 million – vanished after attackers exploited an integration provided by Kiln, a partner handling SwissBorg’s staking infrastructure.

The discovery was first brought to light by blockchain investigator ZachXBT, who traced the flow of funds on-chain. SwissBorg later confirmed the incident, stressing that the exploit was contained within its Solana Earn product and did not spill over into its core app or other yield offerings.

Compensation Measures on the Table

Rather than pass the damage to customers, SwissBorg said it would dip into its own treasury to restore most user balances. Security teams and white-hat hackers have also been enlisted in an attempt to track the stolen tokens and recover what’s possible. The company insisted its finances remain sound and that everyday operations continue without interruption.

SwissBorg promised direct outreach to anyone impacted, with detailed explanations arriving by email. To further reassure clients, CEO Cyrus Fazel scheduled a live YouTube broadcast to discuss the situation openly with the community.

What Comes Next

Although user losses will largely be covered, the breach underscores the risks of relying on third-party infrastructure in crypto staking programs. For SwissBorg, a platform often marketed on trust and transparency, the incident marks a major test of its ability to protect customer confidence while tightening security partnerships going forward.

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Author

Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.