Plans to pay victims of the $54.7 million protocol’s abuse have been made by the administration of the troubled decentralized exchange, KyberSwap. This news comes only days after the incident’s hacker sought complete protocol control in exchange for the stolen money.
The management of KyberSwap has chosen this stance to demonstrate solidarity and support for their users during this challenging period, despite the fact that the project’s Terms of Use state that users are responsible for all risks associated with using the protocol in any way.
Currently, Kyber Network is in the process of finalizing plans for the planned Treasury Awards. They expect to reveal additional specifics in the next two weeks. Also, DEX’s leadership has said again how committed they are to working with authorities and cybersecurity companies to find the exploiter and get all of the stolen money back.
After an exploiter painstakingly manipulated the liquidity of the platform and proceeded to steal user money in the tens of millions, KyberSwap became the latest victim of crypto attacks in 2023.
The Kyber Network has ordered users to remove any remaining assets from the protocol until it investigates the hack, which it confirmed. In the last week, DefiLlama reported that the total value locked (TVL) of KyberSwap fell by 98.28%, reaching a valuation of $7.2 million.
Another development is that the time for the hacker to get a response from KyberSwap’s administration about the stolen monies is rapidly approaching.
The exploiter made a number of bold requests in an on-chain communication addressed to all relevant parties on November 30. The Kyber Network had previously promised the hacker 10% in return for the returned stolen assets; thus, this message comes as a surprise.
The hacker wanted complete authority over Kyber (the firm), temporary ownership of the KyberDAO, access to all data and files related to Kyber, knowledge of how the company ran, and possession of all assets.
Additionally, the hacker doubled the compensation of all current workers and offered to buy out all firm leaders at a reasonable price. The Kyber Network has not yet addressed these requests. But now that he’s reaffirmed his resolve to find the hacker, it seems he’ll turn it down.
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