SwissBorg, a Switzerland-based cryptocurrency platform, suffered a cyber incident where approximately $41 million worth of cryptocurrency (192,600 Solana coins) was stolen from an external decentralized finance wallet managed by its partner, Kiln, a cryptocurrency infrastructure company. The breach occurred via Kiln’s API, which SwissBorg used to interact with Solana’s blockchain. While SwissBorg’s own platform was not directly hacked, the incident exposed vulnerabilities in its third-party dependencies. The stolen funds accounted for 2% of SwissBorg’s total assets, affecting 1% of its users. The company assured full compensation for victims and collaborated with blockchain security firms (e.g., Chainalysis, ZachXBT) and law enforcement to investigate and recover funds. SwissBorg paused Solana staking transactions to prevent further exposure. Kiln confirmed the attack’s root cause was identified, and both firms activated incident response protocols to contain the breach. Despite the significant financial loss, SwissBorg emphasized its financial stability and commitment to mitigating the impact.