KyberSwap (KNC) Announced a 50% Reduction in Staff

After the $56 million hack that shocked the cryptocurrency community, KyberSwap recently announced staff cuts and upcoming project plans.

Kyberswap (knc) Announced A 50% Reduction In Staff_65b972fc7cf2b.webp

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.

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.

kyberswap knc announced a 50 reduction in staff 65b972fc7f939

Related: KyberSwap Hackers Start Laundering Money Through Tornado Cash

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.

5.0/5

(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Bingx Announces Listing Of Swarm Markets (smt)

Altcoin | Editor Choice

BingX Announces Listing of Swarm Markets (SMT)

BingX exchange announces the listing of Swarm Markets (SMT) - a DeFi platform licensed by the Germany's Federal Financial Supervisory Authority (BaFin).

Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!