Following on from the impressive KyberSwap hack, Kyber Network has resorted to laying off half its staff. At the same time, victims of the attack should be compensated. After the KyberSwap hack, Kyber Network laid off 50% of its staff
Following on from the impressive KyberSwap hack, Kyber Network has resorted to laying off half its staff. At the same time, victims of the attack should be compensated. We provide an update.
Kyber Network lays off half its staff after major hack
Last month, the decentralized exchange (DEX) KyberSwap, powered by Kyber Network, suffered a hack of over $45 million leading to a collapse of its total locked value (TVL) due to massive liquidity withdrawals.
Since then, the protocol has still not recovered, with TVL at $7 million, compared with $85 million before the attack.
It’s an incident that has had serious consequences for Kyber Network, consequences that CEO and co-founder Victor Tran returned to in a long message published on X last Monday:
In the past month, KyberSwap has faced unprecedented challenges due to the Elastic exploit. Despite this, I am grateful to say that our core business, including the Aggregator and Limit Order functions, remains robust.
Moreover, we will soon be launching our Zap API, an…
– Victor Tran (@vutran54) December 25, 2023
As a result, the interested party explains that the company had to make the decision to let go of half its staff, despite the talent and dedication of those involved:
“Unfortunately, we have also reduced our workforce by 50%. The last few days have been among the most difficult in my career as an entrepreneur. The decision to let go of so many members of our team was heartbreaking. Each individual is not only highly qualified, but also deeply committed to moving DeFi forward and bringing tangible value to end users. “
Furthermore, he invited the various Web3 players to “consider these exceptional individuals for their teams. “
Victor Tran also spoke about the recovery program for victims of the hack. Following the incident, Kyber Network’s teams revalued the stolen funds at over $54 million.
The compensation program will enable affected users to choose between recovering 60% of the stolen funds over 3 months, or 100% in instalments over 12 months. All payments will be made in stablecoins from February 1.
In parallel, Kyber Network’s CEO also highlighted recent developments in its ecosystem, such as API developments to enable decentralized applications to connect to protocol liquidity.
While this hack has had significant consequences for Kyber Network, the next few months will show whether this incident is synonymous with the end or a new beginning.
At the time of writing, the KNC, the token of this ecosystem, was trading at $0.72, with a capitalization of $118.5 million.
We take stock.
We take stock.
Kyber Network lays off half its staff after major hack
Last month, the decentralized exchange (DEX) KyberSwap, powered by Kyber Network, suffered a hack of over $45 million leading to a collapse of its total locked value (TVL) due to massive liquidity withdrawals.
Since then, the protocol has still not recovered, with TVL at $7 million, compared with $85 million before the attack.
It’s an incident that has had serious consequences for Kyber Network, consequences that CEO and co-founder Victor Tran returned to in a long message published on X last Monday:
In the past month, KyberSwap has faced unprecedented challenges due to the Elastic exploit. Despite this, I am grateful to say that our core business, including the Aggregator and Limit Order functions, remains robust.
Moreover, we will soon be launching our Zap API, an…
– Victor Tran (@vutran54) December 25, 2023
As a result, the interested party explains that the company had to make the decision to let go of half its staff, despite the talent and dedication of those involved:
“Unfortunately, we have also reduced our workforce by 50%. The last few days have been among the most difficult in my career as an entrepreneur. The decision to let go of so many members of our team was heartbreaking. Each individual is not only highly qualified, but also deeply committed to moving DeFi forward and bringing tangible value to end users. “
Furthermore, he invited the various Web3 players to “consider these exceptional individuals for their teams. “
Victor Tran also spoke about the recovery program for victims of the hack. Following the incident, Kyber Network’s teams revalued the stolen funds at over $54 million.
The compensation program will enable affected users to choose between recovering 60% of the stolen funds over 3 months, or 100% in instalments over 12 months. All payments will be made in stablecoins from February 1.
In parallel, Kyber Network’s CEO also highlighted recent developments in its ecosystem, such as API developments to enable decentralized applications to connect to protocol liquidity.
While this hack has had significant consequences for Kyber Network, the next few months will show whether this incident is synonymous with the end or a new beginning.
At the time of writing, KNC, the ecosystem’s token, was trading at $0.72, with a market capitalization of $118.5 million
