SwissBorg loses $41M in Solana following API-related hack

SwissBorg, a Swiss crypto wealth management platform, confirmed a $41 million hack on Sept. 8 after attackers exploited a vulnerability in its integration with staking provider Kiln.

Hackers manipulated the API used in SwissBorg’s Solana Earn program, draining about 192,600 SOL (worth $41M–$41.5M) into a wallet now flagged as the “SwissBorg Exploiter” on Solscan. The stolen assets accounted for nearly half of the platform’s total Solana reserves of $72.6 million.

The company stressed that only about 1% of users were directly affected and pledged to reimburse losses using its Solana treasury. CEO Cyrus Fazel called it “a bad day, but not a fatal one,” highlighting SwissBorg’s financial stability.

SwissBorg is cooperating with blockchain investigators, exchanges, and partners including Fireblocks and the Solana Foundation to trace and block stolen funds. The platform also promised stronger oversight of third-party integrations to prevent similar incidents.

The breach adds to a growing list of API and integration-related exploits in crypto. Earlier this month, Nemo Protocol on Sui lost $2.4 million in a similar attack.

GNCrypto also reported that according to Ledger chief technology officer Charles Guillemet a major software supply chain attack could be putting crypto funds at risk.