- The DeFi business said that it would be creating a voluntary database to assist workers.
- The company is now focusing on compensating affected clients for the November attack.
In order to keep the firm’s commercial operations operating after its $48.8 million exploit in November, the team behind decentralized finance protocol KyberSwap has “regrettably” slashed its personnel by 50%.
Kyber Network’s CEO Victor Tran stated:
“Regrettably, we have also reduced our workforce by 50%. The decision to part ways with so many of our team members was heart-wrenching.”
However, the DeFi business said that it would be creating a “voluntary database” to assist workers who are leaving in their search for new possibilities in the Web3 field.
Focusing on Repaying Users
According to Tran, Kyber Network has put its liquidity protocol efforts and KyberAI project on hold in order to reduce the pace of capital expenditure. But the CEO was quick to point out that the company’s foundational operations, such as the Aggregator and Limit Order features of KyberSwap, are still in place.
However, the company is now focusing on compensating affected clients for the November attack. To make that possible, Kyber Network launched its Treasury Grants Program on December 20th, with a target distribution date of February 1, 2024, for monies denominated in stablecoins pegged to U.S dollars. Between January 11, 2024, and January 23, 2024, affected users must register in order to receive payment.
Users affected by the core KyberSwap vulnerability have a reference value of around $49 million; however, Kyber has acknowledged that affected users would only get 60% of this value.
There was an additional theft of $6.6 million from front-run bots after the first vulnerability. The hackers wanted full control of the firm, including all Kyber assets and its governance system, KyberDAO, when the Kyber team attempted to negotiate a bounty agreement with them.
Highlighted Crypto News Today:
Grayscale Amends Bitcoin ETF Filing Amidst Barry Silbert Departure
