KyberSwap Cuts Staff, Adjusting for the Future
KyberSwap recently made sweeping changes in response to a significant setback caused by the Elastic exploit.
According to a recent communication from Victor Tran, the CEO and co-founder of KyberSwap, the project had to make substantial adjustments, reducing its workforce by half due to the Elastic exploit’s impact. This exploit led to a staggering loss of more than $54 million from users’ funds, prompting the need for immediate action.
Despite KyberSwap’s introduction of the Treasury Grant Program aimed at mitigating user losses, the project found it imperative to undergo what Tran described as “essential modifications” within its operational framework to chart a sustainable path forward.
Apart from the workforce reductions, KyberSwap also put a pause on its liquidity protocol initiatives and the KyberAI project. The Treasury Grant Program offers eligible affected users a range of options, including stablecoin equivalents and varying vesting periods representing a portion of the assets’ reference value.
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Users are presented choices covering 60% or 100% of the asset’s value, with vesting periods extending over three or 12 months. Additionally, users retain the option to opt-out entirely.
This incident stemmed from the discovery of a bug within Kyber’s concentrated liquidity pools by an unidentified hacker in late November. Following the exploit, the hacker demanded control over the protocol, its assets, temporary ownership of KyberDAO, governance mechanisms, and access to company records.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
