SwissBorg’s SOL Earn Wallet Exploited for $41.5M After Partner's API Is Compromised
0Roughly 192,600 SOL was drained from a counterparty wallet tied to a SOL Earn product on Swissborg. The crypto exchange committed to making the losses whole.
Crypto exchange SwissBorg said about 192,600 SOL ($41.5 million) was stolen from an external wallet used exclusively for its SOL Earn strategy on Monday.
The exploit stemmed from a partner's compromised application programming interface (API), a mechanism that allows software systems to communicate with one another, affecting a single counterparty, the exchange said in a post on X. It was not a hack of the SwissBorg platform.
The loss affected fewer than 1% of users and represented about 2% of SwissBorg’s total assets, the firm said.
All other funds and strategies remain secure, and user balances within the SwissBorg app are unaffected. SOL Earn redemptions are paused while recovery efforts proceed.
SwissBorg says it will cover any shortfall, ensuring no user losses. The company is working with white-hat hackers, security firms and law enforcement to recover the funds. A full incident report will follow once investigations conclude.
This exploit arrives amid a sharp rise in crypto thefts, with over $2.17 billion already stolen in 2025.
https://www.coindesk.com/tech/2025/09/09/swissborg-s-sol-earn-wallet-exploited-for-usd41-5m-after-partner-s-api-is-compromised
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