Solana News Today: SwissBorg’s 2% AUM Stolen via Partner API, Spurring Global Hunt for Funds

SwissBorg, a European crypto investment platform, reported a significant security incident involving the theft of approximately 193,000 Solana (SOL) tokens, valued at roughly $41.5 million, following a breach of a partner API. The compromised API was linked to the platform’s SOL Earn Program, which affected less than 1% of its users [2]. The breach was disclosed by on-chain investigator ZachXBT, who identified the alleged wallet address of the attacker as "TYFWG3hvvxWMs2KXEk8cDuJCsXEYKs65eeqpD9P4mK1" [2].

SwissBorg confirmed the incident through its X platform, stating that the company's main application remained secure and that all other funds in its Earn programs were unaffected. The company attributed the breach to an external attack on a trusted staking partner, not a direct hack of its own systems. CEO Cyrus Fazel clarified during a live broadcast on September 8, 2025, that the stolen funds represented approximately 2% of SwissBorg’s total assets under management (AUM) and emphasized the company’s financial stability [3].

To mitigate the impact, SwissBorg announced immediate action, including allocating its SOL Treasury to compensate affected users. The platform also engaged white-hat hackers and security partners to track and recover the compromised funds. Multiple exchanges blocked transactions linked to the attack, limiting the liquidity of the stolen assets. Fazel noted the involvement of entities such as Fireblocks, Solana Foundation, and blockchain investigators in tracking the funds across multiple wallet addresses [3].

The incident has drawn attention to the vulnerabilities in the broader crypto ecosystem, especially regarding third-party integrations. While SwissBorg has a history of compliance with the UK’s Financial Conduct Authority, this breach underscores the need for continuous security improvements in both centralized and decentralized platforms. Fazel acknowledged the emotional impact on users and reiterated the company’s commitment to transparency throughout the recovery process [3].

SwissBorg has pledged to implement additional security measures and to work with global law enforcement agencies to prevent future incidents. The company also plans to communicate regularly with users and provide updates on the progress of fund retrieval efforts [3]. The breach serves as a reminder of the persistent risks in the crypto industry, particularly as attackers exploit sophisticated methods to compromise even well-established platforms.

Source:

[1] title1 (https://www.welcometothejungle.com/en/companies/skillz-io/jobs/cloud-security-engineer_paris)

[2] title2 (https://cryptorank.io/news/feed/176f5-swissborg-loses-41-5m-in-security-breach)

[3] title3 (https://cryptoslate.com/swissborg-loses-41m-in-sol-after-partner-api-compromise-affects-earn-program/)