KyberSwap Slashes Workforce by 50% Following a $48.8 million exploit. The group responsible for the decentralised finance protocol known as CyberSwap has “regrettably” reduced the number of employees by fifty percent to ensure that the company’s commercial operations continue to function after the exploit that cost $48.8 million in November.
Victor Tran, the Chief Executive Officer of Kyber Network, stated:
Sadly, we have also cut the number of employees we employ by fifty per cent. It was with great sadness that we decided to part ways with many of our team members.
The DeFi company, on the other hand, has announced that it will establish a “voluntary database” to assist departing employees in their hunt for new opportunities in the Web3 industry.
Focusing on Repaying Users
According to Tran, Kyber Network has decided to halt its efforts to develop a liquidity protocol and the KyberAI project to slow down the rate at which it is spending money on capital expenditures. However, the Chief Executive Officer quickly stressed that the company’s primary activities, such as the Aggregator and Limit Order aspects of KyberSwap, are still operational.
However, the corporation is currently concentrating on paying customers affected by the incident in November. Kyber Network announced its Treasury Grants Programme on December 20, with a planned delivery date of February 1, 2024, for funds denominated in stablecoins tied to the currencies of the United States of America.
Users impacted by the core KyberSwap vulnerability have a reference value of around $49 million; however, Kyber has admitted that affected users will only receive sixty per cent of this value.
Following the implementation of the initial bots were responsible for an additional theft of $6.6 million. WWhen the Kyber team was to negotiate a bounty arrangement with the hackers, the hackers asked for complete of the company, which included all of the Kyber assets and the KyberDAO governance structure.