KyberSwap announced its operational plan after being hacked: layoffs, 50% layoffs

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After announcing the compensation plan for users who suffered losses due to the KyberSwap hacker attack, the project team also quickly updated its activities.

On December 25, following the $47 million hack that shocked the cryptocurrency community, KyberSwap CEO Victor Tran officially announced the project’s upcoming plans.

In the past month, KyberSwap has faced unprecedented challenges due to the Elastic vulnerability. Nonetheless, I’m pleased to say that our core business, including our aggregator and limit order functionality, remains strong.

Additionally, we will soon launch our Zap API, a…

— Victor Tran (@vutran54) December 25, 2023

Detailed plan:

Implemented the KyberSwap Elastic Exploit Treasury Grant program to cover up to 100% of losses for users affected by hackers.
The aggregator and limit order functionality on the platform remains operational.
Coming soon is Zap API – a solution that connects users with dApps, cryptocurrency wallets and DeFi projects.
Layoffs: 50% layoffs, suspension of KyberAI deployment and other liquidity initiatives. Retrenched employees will be supported in finding new jobs in the Web3 field.

It can be seen that this action plan is the most effective solution to revitalize the project.

It is understood that Kyber Network’s DEX KyberSwap was hacked on November 23, causing losses of more than $47 million.

Immediately afterwards, the Kyber team confirmed the hack, worked hard to fix the issue, and advised users to withdraw all funds to prevent other potential vulnerabilities.

Additionally, Kyber contacted the hackers to recover the lost assets. However, the hackers did not listen to Kyber’s advice and instead made a series of “crazy” demands to take control of the entire project.

Kyber did not accept this “ridiculous” agreement and announced that it would allocate 100% of funds to compensate users affected by the attack. At the same time, he promised to cooperate with relevant departments to hunt down the mastermind and recover the stolen money.

VIC encryption compilation

related news:

Kyber Network announces plans to compensate users who suffered losses due to KyberSwap hack