Unauthorized acquisition of 41.5 million dollars worth of SOL cryptocurrency at SwissBorg

In a series of attacks that have shaken the crypto industry, SwissBorg, a major player in the digital asset space, has fallen victim to a hack that resulted in a loss of 41.5 million dollars in Solana SOL tokens. This incident, which occurred earlier in 2021, was not a direct hack on the SwissBorg platform but rather an SEO-Phishing attack.

Cybercriminals lured users through fraudulent advertisements leading them to fake websites to steal access data and ultimately funds. SwissBorg itself was not directly compromised, but users fell prey to social engineering.

Restoration Efforts

SwissBorg (VeblockChain SA)

SwissBorg promptly reported the incident, warned its users, and worked closely with authorities. The company published security guidelines and kept users informed about the threat. As SwissBorg was not directly compromised, the primary responsibility for the restoration of stolen funds lay with the affected users themselves. SwissBorg, however, provided support in communicating with authorities and in the investigation process.

Strafverfolgungsbehörden

Criminal investigative bodies such as the Swiss Police, Europol, and Interpol were involved to identify the perpetrators and launch investigations. However, the restoration of stolen funds in such cases is rare and usually only possible if the culprits are apprehended and their assets confiscated—which, in this case, remains unknown.

Blockchain Forensics Experts

In some cases, Blockchain forensics firms like Chainalysis and CipherTrace are hired to track the movement of stolen crypto funds. Whether SwissBorg or authorities have availed such services remains undisclosed.

Users Themselves

Affected users were advised to file reports and inform their banks or crypto exchanges. In Phishing attacks, there is often little room for a full recovery of stolen funds, especially when they are stolen in cryptocurrencies.

Conclusion

A central organisation or person who has actively "recovered" the funds is not known. The initiative lay with the users, supported by SwissBorg and criminal investigative bodies. The chances of recovering lost crypto assets after a Phishing attack are generally low, as long as the culprits remain at large or the funds cannot be frozen on official exchanges.

Tips for Users:

Remain vigilant when viewing advertisements and emails, carefully check URLs, and enable Two-Factor Authentication to protect yourself.

This incident underscores the persistent security challenges faced by the crypto sector, despite the progress made. Other protocols like Venus and Bunni have also suffered significant losses recently, compounding the threats to the ecosystem. The Nemo protocol on the Sui blockchain lost 2.4 million dollars, and DeFi protocols account for 76% of breach cases in the first half of 2025, resulting in 2.37 billion dollars in losses.

Developers and users are urged to increase vigilance to secure their assets against increasingly sophisticated threats. The large-scale security crisis in the crypto ecosystem threatens its entirety, requiring developers and users to increase vigilance. The Sui blockchain is under scrutiny due to incidents involving Nemo and Cetus Protocol, highlighting persistent security challenges.

SwissBorg responded by using its own SOL reserves to cover most of the user losses. However, the Aqua project on Solana executed a rug pull of 4.65 million dollars, adding to the woes of the sector. Despite efforts made, hackers seem capable of exploiting the vulnerabilities of protocols and infrastructure. Increased security awareness and strengthened auditing practices have not prevented attacks from accelerating.

In light of these events, it is crucial for the crypto industry to address its security challenges head-on, ensuring the safety and security of users' assets.