KyberSwap (KNC) Announced a 50% Reduction in Staff

KyberSwap (KNC) announced a 50% reduction in staff

KyberSwap’s upcoming plans are determined as follows:

Implemented the KyberSwap Elastic Exploit Treasury Grant Program to cover up to 100% of losses for users affected by the hack.
Aggregator & Limit Order functions on the platform still maintain normal operation.
Will soon launch Zap API – Solution to connect users with dApps, tywr Wallet and DeFi projects.
Decision to downsize: Cut 50% of staff, pause KyberAI implementation and other liquidity initiatives. Retrenched employees will be supported in finding new jobs in the Web3 space.

In the past month, KyberSwap has faced unprecedented challenges due to the Elastic exploit. Despite this, I am grateful to say that our core business, including the Aggregator and Limit Order functions, remains robust.

Moreover, we will soon be launching our Zap API, an…

— Victor Tran (@vutran54) December 25, 2023

As azc.news reported, the Kyber Network team announced via Twitter that KyberSwap Elastic experienced a security incident with an estimated total loss of $56 million.

On November 30, KyberSwap attackers shared the message on the address chain to all relevant and interested parties. The attacker made specific demands, including full control of the company’s operations, temporary ownership and governance of the KyberDAO governance mechanism, as well as all information related to its establishment, structure, operations, revenue, profits, expenses, assets, obligations, investors, salaries and other factors of the Kyber company.

Kyber then indirectly rejected this unique offer from the hacker.

Accordingly, Kyber Network has decided to release funds to compensate 100% of the value of users’ lost assets in the attack. Users will be refunded an amount corresponding to the value of lost assets at the time of the incident. The detailed compensation process will be announced within the next 2 weeks. At the same time, Kyber Network pledges to cooperate closely with authorities to hunt down the mastermind and recover the appropriated money.