SwissBorg confirmed a SOL hack that resulted in the loss of around $41 million worth of Solana (SOL). The hack was due to an exploit on an external DeFi wallet associated with the SwissBorg SOL Earn strategy.
User balances in the app remain completely safe, and the SOL hack only affected less than 1% of users.
What Happened?
According to SwissBorg CEO Cyrus Fazel, the attack compromised a partner API. By doing so, the hacker stole about 192,600 SOL, which is roughly 2% of SwissBorg’s total assets. Other Earn strategies and all other user funds are secure.
🚨JUST IN: According to @zachxbt, European crypto exchange @swissborg was exploited a few hours ago for 192.6K $SOL ($41M). pic.twitter.com/aJ6qyjI69o
— SolanaFloor (@SolanaFloor) September 8, 2025
As soon as they detected the exploit, SwissBorg’s Team contained the situation and stopped any further losses. However, SOL Earn redemptions have been temporarily paused while recovery operations continue.
SwissBorg’s Plan to Fix This
SwissBorg has made it clear that users will not take a loss. The company plans to cover any missing funds using its own SOL treasury. Affected users will have their balances restored. Here’s what SwissBorg is doing now:
- Recovery Operations: Working with white-hat hackers, Fireblocks, and law enforcement to recover stolen funds.
- Immediate Support: Providing funds out of its treasury to pay users immediately to continue with the recovery process.
- Transparency: Frequent updates to social media and commitment to a complete incident report after the conclusion of the investigation.
SwissBorg is also contacting affected users by email to clarify the situation.
#PeckShieldAlert @zachxbt reports SwissBorg suffered an exploit with 192.6K $SOL ($41.5M) stolen on @solana
The hacker has deposited 100 $SOL to @bitgetglobal pic.twitter.com/K4uj8xVdrL
— PeckShieldAlert (@PeckShieldAlert) September 9, 2025
Moving Forward
The SOL hack is a severe incident, but SwissBorg’s response was swift and encouraging. The financial health of the platform is still healthy, and day-to-day operations are not affected. SwissBorg has also verified that there were no other Earn programs affected. Cyrus Fazel will also stream on YouTube to communicate with the community, answer questions, and give updates.
Our team is working tirelessly to fully investigate what happened yesterday and we will continue to report. But, I want to be completely clear about a couple of things:
First, SwissBorg community will not take a loss. Any gap in recovered funds will be covered.
Second, this was…
— Cyrus SwissBorg (@Cyrus_Fazel) September 9, 2025
The SOL hack was a major crisis, but SwissBorg’s swift response and willingness to keep its users safe have served to preserve trust. With solid partnerships and a well-defined recovery strategy, SwissBorg can come out of this incident stronger and safer.
Disclaimer
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