- Hackers stole 193,000 SOL (~$41M) from SwissBorg’s Solana Earn program via Kiln’s API.
- Only Solana Earn deposits were affected; operations and other products remain safe.
- SwissBorg pledged to reimburse users and is working with authorities to trace funds.
SwissBorg, a Switzerland-based crypto wealth platform, has confirmed that hackers stole nearly 193,000 Solana (SOL) tokens worth around $41 million. The exploit came from Kiln, SwissBorg’s staking partner, after attackers found a vulnerability in its API. The breach specifically impacted the Solana Earn program, while SwissBorg’s app and other products were not affected.
How Hackers Exploited Kiln’s API to Drain Solana
Kiln provides staking infrastructure for networks like Solana and Ethereum. Hackers targeted its API—the software bridge connecting SwissBorg’s app to Solana’s staking network. By manipulating requests, they siphoned funds from deposits tied to Solana staking. Despite the scale of the theft, SwissBorg confirmed its financial health remains strong and promised to contact affected users, which represent just 1% of its customer base and 2% of total assets.
SwissBorg CEO Calls Hack a “Bad Day, Not a Fatal Blow”
SwissBorg CEO Cyrus Fazel hosted an X Space shortly after the incident. He admitted the size of the breach was significant but emphasized that the company is in no danger. Fazel labeled it “a bad day for SwissBorg” but also a lesson that will push the platform to improve. Importantly, SwissBorg said it will reimburse all affected users using its treasury funds.
Investigation and Recovery Efforts Underway
The company is now working with global regulators, major exchanges, and white-hat hackers to investigate the attack. Some transactions tied to the stolen funds have already been blocked. SwissBorg is also tightening its security standards to ensure similar breaches don’t repeat in the future.
Solana Wallet Flagged as “SwissBorg Exploiter”
Blockchain data reveals that the stolen tokens were moved into a Solana wallet, which Solscan has since tagged as the “SwissBorg Exploiter.” Users are being warned not to interact with the flagged wallet. Investigations remain ongoing, with SwissBorg committed to collaborating internationally to track and potentially recover stolen assets.
