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Roughly 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.
By Shaurya Malwa|Edited by Sheldon Reback
Updated Sep 9, 2025, 10:03 a.m. Published Sep 9, 2025, 9:25 a.m.
- Crypto exchange SwissBorg reported the theft of approximately 192,600 SOL, valued at $41.5 million, from an external wallet used for its SOL Earn strategy.
- The incident was due to a compromise of a partner’s API not a hack of the SwissBorg platform.
- SwissBorg said the exploit affected fewer than 1% of users, all other funds are secure and it will cover any losses.
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.
STORY CONTINUES BELOW
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.
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