Verify a decision

{"actor":"system:backfill","investigation_id":"524894ae-ff61-4c27-9e9e-0f8c8069ce3e","kind":"publish","page_slug":"swissborg","published_at":"2026-05-20T03:30:54.084Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"SwissBorg","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://help.swissborg.com/hc/en-gb/articles/360009028418-What-is-SwissBorg"},{"credibility":3,"name":"","type":"other","url":"https://www.venturelab.swiss/SwissBorg-CEO-Cyrus-Fazel-We-enable-everyone-to-enjoy-the-world-of-decentralized-finance-regardless-of-their-investment-interests"},{"credibility":3,"name":"","type":"other","url":"https://en.cryptonomist.ch/2024/07/23/swissborg-the-swiss-crypto-exchange-open-to-everyone/"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://www.kiln.fi/post/re-enablement-of-kiln-services-and-security-incident-information"},{"credibility":3,"name":"","type":"other","url":"https://harrydonnelly.substack.com/p/swissborgkiln-exploit-breakdown"},{"credibility":3,"name":"","type":"other","url":"https://www.web3isgoinggreat.com/?id=swissborg-exploit"},{"credibility":3,"name":"","type":"other","url":"https://protos.com/swissborg-ceo-blames-41m-loss-on-staking-partner-kiln/"},{"credibility":3,"name":"","type":"other","url":"https://swissborg.com/blog/sol-earn-incident-swissborg-recovery"},{"credibility":3,"name":"","type":"other","url":"https://therecord.media/swissborg-platform-solana-cryptocurrency-stolen"},{"credibility":3,"name":"","type":"other","url":"https://thecryptobasic.com/2025/09/09/swissborg-to-compensate-users-after-41m-solana-staking-hack/"},{"credibility":3,"name":"","type":"other","url":"https://www.fireblocks.com/blog/case-for-native-staking-kiln-incident"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://help.swissborg.com/hc/en-gb/articles/360015167634-SwissBorg-Legal-structure-jurisdiction-and-licenses"},{"credibility":3,"name":"","type":"other","url":"https://swissborg.com/blog/swissborg-secures-mica-approval-from-french-amf"},{"credibility":3,"name":"","type":"other","url":"https://news.bitcoin.com/swissborg-secures-mica-license-from-frances-amf-expanding-regulated-crypto-services-across-eu/"},{"credibility":3,"name":"","type":"other","url":"https://www.coindesk.com/press-release/2026/03/12/swissborg-secures-mica-approval-from-france-s-financial-markets-authority"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://academy.swissborg.com/en/learn/mpc-keyless-technology-keeping-your-crypto-secure"},{"credibility":3,"name":"","type":"other","url":"https://www.kiln.fi/post/re-enablement-of-kiln-services-and-security-incident-information"},{"credibility":3,"name":"","type":"other","url":"https://harrydonnelly.substack.com/p/swissborgkiln-exploit-breakdown"},{"credibility":3,"name":"","type":"other","url":"https://www.fireblocks.com/blog/case-for-native-staking-kiln-incident"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://swissborg.com/proof-of-liabilities/audits"},{"credibility":3,"name":"","type":"other","url":"https://swissborg.com/blog/proof-of-liabilities"},{"credibility":3,"name":"","type":"other","url":"https://github.com/SwissBorg/proof-of-liabilities"},{"credibility":3,"name":"","type":"other","url":"https://swissborg.com/blog/sol-earn-incident-swissborg-recovery"},{"credibility":3,"name":"","type":"other","url":"https://swissborg.com/blog/swissborg-security-and-trust"}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"","type":"other","url":"https://protos.com/swissborg-ceo-blames-41m-loss-on-staking-partner-kiln/"},{"credibility":3,"name":"","type":"other","url":"https://therecord.media/swissborg-platform-solana-cryptocurrency-stolen"},{"credibility":3,"name":"","type":"other","url":"https://www.bankinfosecurity.com/cryptohack-roundup-swissborgs-41m-exploit-a-29417"},{"credibility":3,"name":"","type":"other","url":"https://www.ainvest.com/news/swissborg-41m-loss-exposes-defi-partner-risk-2509/"}]}],"sources_used":[],"summary":"SwissBorg is a Swiss-based crypto wealth management and exchange aggregator founded in 2017, holding MiCA authorization from France's AMF and VQF membership in Switzerland. In September 2025, the platform suffered a $41.5 million loss when its staking partner Kiln's API was compromised via a GitHub token theft and Kubernetes pod injection, resulting in the unauthorized transfer of 192,600 SOL from SwissBorg's SOL Earn program; the company subsequently pledged full reimbursement from treasury funds. While SwissBorg maintains legitimate regulatory standing and transparency measures including Proof of Liabilities, the third-party supply chain failure exposes material counterparty risk in its Earn product architecture.","timeline":[{"date":"2017-01-01","event":"SwissBorg founded in Lausanne, Switzerland by Cyrus Fazel and Anthony Lesoismier.","source":""},{"date":"2022-01-01","event":"SwissBorg Solutions OÜ registered with France's AMF as a Digital Asset Service Provider (DASP) under number E2022-034.","source":""},{"date":"2024-06-01","event":"SwissBorg publishes Proof of Liabilities audit portal using Merkle-tree cryptographic verification.","source":""},{"date":"2025-08-31","event":"SwissBorg uses Kiln Dashboard to unstake 975 SOL. Undetected by SwissBorg's custody signers, a malicious transaction embedded in the Kiln API response reassigns withdrawal authority for multiple high-value Solana stake accounts to an attacker-controlled address.","source":""},{"date":"2025-09-08","event":"Attacker executes the drain: 192,600 SOL (~$41.5 million) stolen across eight transactions in under three minutes. Kiln detects unauthorized activity on its platform.","source":""},{"date":"2025-09-09","event":"SwissBorg publicly confirms the breach. CEO Cyrus Fazel pledges full user reimbursement from treasury. SOL Earn redemptions suspended. Chainalysis, ZachXBT, SEAL, and Fireblocks engaged.","source":""},{"date":"2025-10-07","event":"Kiln publishes formal incident post-mortem identifying GitHub access token compromise as initial entry point, with Sygnia forensics findings. Services re-enabled with six security enhancements.","source":""},{"date":"2026-03-11","event":"SwissBorg's French entity Blocknodes SAS receives full MiCA authorization from France's AMF, enabling EU-wide regulated crypto services.","source":""}]},"v":1}