SwissBorg, the Swiss-based crypto wealth management platform, has confirmed that it was hit by a devastating hack with losses estimated at over $41 million worth of Solana tokens. The breach occurred on September 3, 2025, and was traced back to a vulnerability in the API of its staking partner, Kiln, which provides “enterprise-grade staking” infrastructure for several digital assets.

This incident specifically impacted SwissBorg’s Solana Earn program, a product that allows users to deposit SOL and earn staking rewards via third-party infrastructure. Approximately 193,000 SOL tokens were stolen, affecting about 1% of SwissBorg’s user base and 2% of its overall assets. Core platform operations and other Earn products, such as those for BTC and ETH, were not compromised.

Hackers quickly fragmented the stolen funds into smaller transactions and laundered them through decentralized exchanges in an effort to conceal their trail. The wallet address involved has since been labeled as the “SwissBorg Exploiter,” with authorities and blockchain security experts advising the public to exercise caution regarding any interactions with these tokens.

SwissBorg responded swiftly to reassure its users, promising to reimburse all affected individuals from company reserves. The platform also stated it is actively collaborating with security specialists, exchanges, and white-hat hackers to investigate the incident and recover the funds where possible. Some transactions linked to the exploit have already been blocked.

Leadership at SwissBorg characterized the event as a major setback but emphasized that the company’s financial stability and day-to-day operations remain intact. The hack has reignited public scrutiny over third-party security practices, especially as SwissBorg’s reliance on Kiln’s API opened up risks now common in the rapidly evolving crypto staking ecosystem.

This breach serves as a stark reminder to both investors and platforms of the critical importance of thorough security audits and vigilant oversight when integrating third-party infrastructure, particularly in blockchain-based finance where single code vulnerabilities can have multimillion-dollar impacts. SwissBorg has pledged to strengthen its oversight of partners and continue prioritizing user safety in all future upgrades.