SwissBorg & Kiln's $41M Hack (& Lessons for TON Staking π)
On September 8, 2025, Kiln and SwissBorg disclosed a Solana staking incident that resulted in a loss of $41M in
$SOL.
Kilnβs API was compromised, allowing unauthorized access to staking wallets.
𦴠Kilnβs Risk Response
On September 10, Kiln initiated the exit of all Ethereum validatorsβ1.6M
$ETH affected. The process takes 10-42 days depending on Ethereum's churn limits, with validators continuing to earn rewards while queued.
The impact was immediate: Ethereum's validator exit queue surged to 2.6M
$ETH with wait times jumping to 46 days.
While the scale is significant, Kiln emphasized that customer assets remain secure.
𦴠My View
Kiln's decision reflects maturityβeven at the risk of market panic, it chose to exit all validators in order to conduct a full security review and infrastructure hardening.
I stand with Kilnβsecurity must always come first.
//
𦴠Risk Analysis: What TON Staking Can Learn
@ton_blockchain's staking infrastructure is much younger than Ethereum's or Solana's, making institutional-grade solutions critical. Three key lessons:
π 1. API Security
Even with secure validator keys, compromised APIs can trigger cascading failures. APIs control exits, withdrawals, and monitoringβsystemic risk points.
From experience developing RPC and API infrastructure on TON, I recommend sticking to officially recognized, enterprise-standard solutions, such as:
- Toncenter API by TON Core
- TON API by Ton Console
π 2. Multisig Safeguards
Multisignature wallets ensure that no single compromise can result in large-scale damage.
TONβs leading multisig solution is
@TonkeyApp, which manages over $100M in assets and is trusted by the TON Foundation and major ecosystem projects
Protocols like
@KTON_io Premium adopt Tonkey multisig, offering institutional partners an extra layer of assurance.
π 3. Experienced Operators
TON's validation mechanics differ significantly from Ethereumβvalidation cycles, slashing rules, governance. Only TON-native validator teams can coordinate orderly crisis responses.
Since 2021, I have served as one of 24 TON Testnet core validators in Asia-Pacific and operated advanced nominator systems, providing 24/7 monitoring and helping clients avoid slashing penalties.
Feel free to DM me
t.me/awesome_doge for consultation.
//
𦴠The Last Thing: Diversify Your Risk
The Kiln incident is a wake-up call for the staking industry, especially newer ecosystems like
$TON.
Above are my takes. But remember: all systems carry risk.
The best defense is diversificationβdonβt put all assets with single providers. Spread exposure.
Build antifragile systems that survive black swan events. πͺ
#TON #BuildOnTON