#KyberSwap has decided to cut 50% of its employees due to a hacker exploiting a vulnerability in their protocol, resulting in a loss of approximately 56 million dollars.
In response to the attack, KyberSwap is implementing several project plans:
- Launching the KyberSwap Elastic Exploit Treasury Grant Program to cover up to 100% of losses for users affected by the hack.
- Maintaining normal operation of Aggregator & Limit Order functions on the platform.
- Soon launching Zap API, a solution to connect users with dApps, tywr Wallet, and DeFi projects.
- Downsizing decisions include cutting 50% of staff, pausing KyberAI implementation, and other liquidity initiatives.
Retrenched employees will receive support in finding new jobs in the Web3 space.
Following the attack, the attackers communicated their demands, seeking full control of project operations and temporary governance of the KyberDAO governance mechanism, among other requests.
KyberSwap, however, refused to honor their demands and committed to releasing funds to refund 100% of the assets to users affected by the incident.
KyberSwap also pledged to collaborate with appropriate authorities to investigate the incident, track down the perpetrators, and recover the exploited funds.
