KyberNetwork fired 50% of employees due to hacking of the KyberSwap protocol

Victor Tran lamented the drastic reduction in staff needed to reallocate resources. Tran called them dedicated, honest and talented personnel who have greatly contributed to the development of the DeFi industry. To support departing team members, KyberSwap management has created a dedicated employee database, encouraging others in the Web3 sector to consider collaborating with these professionals.

KyberNetwork noted that despite the withdrawal of assets from the liquidity pools of the Elastic platform, the exchange is still operating steadily. In addition, the platform is about to launch an API solution called Zap, expanding access to decentralized finance (DeFi) liquidity protocols. Tran emphasized that KyberSwap will support affected users through the KyberSwap Elastic Exploit program, covering up to 100% of losses. However, KyberSwap has temporarily suspended initiatives on the liquidity protocol and the KyberAI project.

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