In a significant incident affecting its SOL Earn strategy, SwissBorg, a notable cryptocurrency exchange, announced that approximately 192,600 SOL, valued at around $41.5 million, was stolen from an external wallet. This breach occurred on Monday, and the exchange clarified that it was not a hack of its own platform, but rather a result of a compromised application programming interface (API) from a partner. This API is essential for enabling communication between different software systems, and in this case, it affected a specific counterparty.
In a post shared on social media platform X, SwissBorg provided details of the situation, indicating that the incident impacted fewer than 1% of its user base and represented roughly 2% of the firm’s overall assets. Users were reassured that all other funds and investment strategies within the SwissBorg ecosystem remain secure, and account balances in the app are unaffected by this incident.
As a precautionary measure, redemptions from the SOL Earn program have been temporarily paused while the company undertakes recovery efforts. SwissBorg has pledged to cover any shortfall incurred from the incident to ensure that no users will experience losses. The company is actively collaborating with white-hat hackers, specialized security firms, and law enforcement to recover the stolen funds. Additionally, a comprehensive incident report will be released once the investigation has reached its conclusion.
This incident highlights a troubling trend in the cryptocurrency sector, as 2025 has already witnessed a dramatic increase in thefts, totaling over $2.17 billion. As the industry grapples with ongoing security challenges, SwissBorg’s response may serve as a crucial reference point for both users and other companies within the blockchain community.
