SwissBorg Hit by $41M Solana Hack Through Kiln API Exploit

[cryptohog]

Swiss-based crypto wealth management platform SwissBorg confirmed that hackers drained around 193,000 Solana (SOL) tokens — worth roughly $41 million — from its Earn program after exploiting a vulnerability in the API of staking partner Kiln.

SwissBorg emphasized that its main app and other Earn products remain unaffected, and the company is in “good financial health.” Affected users, about 1% of its customer base and 2% of total assets, will be contacted directly by email.

How the hack happened

Attackers compromised Kiln’s API, the software “bridge” connecting SwissBorg’s app with Solana’s staking network.

By manipulating API requests, hackers siphoned off SOL from the Earn program.

Blockchain data now labels the attacker’s wallet on Solscan as “SwissBorg Exploiter.”

️ SwissBorg’s response

CEO Cyrus Fazel said on X Spaces: “It’s a big amount of money, but it doesn’t put SwissBorg at risk.”

The company pledged to reimburse all affected users using its treasury.

SwissBorg is working with international agencies, exchanges, and white hat hackers — and reports say some transactions have already been blocked.

Why it matters

The breach highlights risks in third-party staking infrastructure, even for trusted platforms.

SwissBorg’s Solana Earn program, powered by Kiln, was designed to simplify staking yields for retail users — but central points of integration like APIs remain vulnerable.

While dubbed “a bad day” by Fazel, SwissBorg says the hack will serve as a learning experience and not a fatal blow to operations.