Swiss-based crypto platform SwissBorg suffered a major loss of around $41 million in solana (SOL) after a third-party API used in its SOL Earn program was compromised.

Attackers exploited an API vulnerability in SwissBorg’s staking partner Kiln, and managed to drain about 193,000 SOL. 

This story is an excerpt from the Unchained Daily newsletter.

However, the SwissBorg team said the breach impacted just 1% of platform users, and the stolen funds made up 2% of the platform’s total assets under management (AUM).

“We are already working with leading blockchain security specialists and law enforcement to recover the funds. Most importantly, SwissBorg users will not take a loss. Any gap will be covered,” said CEO Cyrus Fazel in a statement.