TLDR:
- Market: SwissBorg lost 192,600 SOL (~$41.5M) in a hack targeting its SOL staking partner API, amid a surge in exchange attacks like BtcTurk ($49M) and Nobitex ($81.7M).
- Narrative: The SwissBorg hack, confirmed via ZachXBT and the exchange, affected <1% of users in its SOL Earn program but illuminates third-party susceptibilities. The company makes partial refunds from treasury and engages white-hat hackers in recovery as broader crypto security threats like the NPM software supply chain assault grow.
SwissBorg, the Swiss crypto exchange and wallet provider, affirmed on September 9, 2025, that hackers stole 192,600 SOL ($41.5M) via a compromised third-party partner’s API in the SOL Earn program. The SOL Earn program was the initial target identified on September 8 by on-chain investigator ZachXBT. The attack emptied user funds from yield farming that were being staked. The breach affected under 1% of users and under 2% of assets under management ($1.2B) but did not affect the main app, other Earn programs, or accounts, according to the statement from SwissBorg. The exchange, in total, holds approximately $72.6M SOL, so this was quite the blow to its exposure in Solana.
SwissBorg CEO Cyrus Fazel affirmed the event in an X Space, with the operations and financial health of the platform remaining unaffected. The company will reimburse impacted members in a “significant portion” through its SOL treasury, with amounts following, and is cooperating with white-hat hackers, security partners, Fireblocks, and the Solana Foundation in tracing and recovering funds. Exchanges have suspended some assets that were stolen, preventing full conversion. The event is the latest increase in exchanges being hacked after the BtcTurk ($49M), WOO X ($14M), CoinDCX ($44M), BigONE ($27M), and Nobitex ($81.7M) attacks. Compounding the issue was the September 8th massive NPM JavaScript supply chain assault compromising the most-used packages (e.g., chalk, debug) with over 2B weekly downloads that may have made off with crypto activities across chains—forcing Ledger CTO Charles Guillemet’s advisory in against on-chain activity. There is no direct correlation with the SwissBorg event, but it reflects the risk within the broader ecosystem. Third-party integrations should be verified, and recovery information monitored with care against the growing security threats in the context of the $2.37B DeFi loss year.
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