Kyber Hacker Demands Total Executive Control of Company in Return for Stolen Assets
Amid efforts to reclaim over $46 million in stolen assets, DeFi platform Kyber Network has received a stunning ultimatum: forfeit total control of both the company and protocol, and all stakeholders will be made whole.
Via-on chain messaging on Thursday, the platformâs anonymous hacker demanded âcomplete executive control over Kyber,â alongside temporary ownership and control of its governance mechanism, KyberDAO, to enact governance changes at will.
The New âKyber Directorâ
To that end, he also requires all documents and information related to Kyber, including details about the company and protocolâs origins, its structure, its investors, and its balance sheet.
âThis is my best offer. This is my only offer,â wrote the hacker, referring to himself as the âKyber Directorâ.
Under the new arrangement, the culprit still has no plan to directly return any funds.
In fact, he has also demanded the full forfeiture of Kyberâs on-chain and off-chain assets, including âshares, equity, tokens, partnerships, blogs, websites, servers, passwords, code, social channels, and all creative and intellectual property of Kyber.â
Instead, the hackerâs compensation includes buying out Kyberâs executives at âfair valuationâ with a good natured farewell. âYou havenât done anything wrong,â he said, noting that their failure was âsimply bad luck.â
The companyâs employees received an even better offer, including doubled salaries and 12-months severance pay for anyone who still wanted to leave the firm. Meanwhile, holders of Kyberâs governance token, KNC, have merely been promised that their investments will âno longer be worthless.â
Finally, Kyberâs liquidity providers have been offered a 50% rebate on the losses theyâve incurred since the hack during their market-making activity. âI know this is probably less than what you wanted. However, it is also more than you deserve,â the hacker wrote.
Keeping Kyber Alive
Kyberâs executives have been given until December 10 to accept the offer before it expires. Under his leadership, the hacker claims Kyber will evolve from the â7th most popular DEXâ into âan entirely new cryptographic project.â
âKyber is one of the original and longest-running DeFi protocols,â he concluded. âNo one wants to see it go under.â
Kyber was first hacked on November 22 for various tokens including Wrapped ETH (WETH) Arbitrum (ARB), DAI, and others.
Ever since, he has repeatedly taunted Kyberâs executives through on-chain messaging, providing exact details on how he executed his hack, and demanding that his counterparties be more respectful.
Kyber retrieved a small portion of its losses from bot operators earlier this week. Nevertheless, its TVL remains at just $7.6 million, compared to $86 million before the hack.
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