The post Kyber Network $48 Million Breach, Reduces Workforce 50% appeared on BitcoinEthereumNews.com.

Decentralized finance (DeFi) platform Kyber Network has taken significant steps to address the aftermath of a massive security breach in November by reducing its workforce by 50%, with CEO and co-founder Victor Tran at the helm. Despite the challenges posed by the “Elastic exploit”, KyberSwap’s core business, including the aggregator and limit order functions, remains fully functional, according to the latest statement. Kyber Network Response To Elastic Exploit As stated by Tran, Kyber Network is preparing to launch the Zap API, this is expected to enable decentralized applications (dApps), wallets, and other projects to serve as convenient gateways for users to access DeFi liquidity protocols.  Additionally, Kyber Network has made operational changes, including temporary pauses in liquidity protocol initiatives and the KyberAI project, to “ensure a sustainable future”. Tran further stated: “Regrettably, we have also reduced our workforce by 50%. The past few days have been among the most challenging in my journey as an entrepreneur. The decision to part ways with so many of our team members was heart-wrenching. Each individual is not only highly skilled but also deeply committed to advancing DeFi and bringing tangible value to end-users.”  Tran also stated that Kyber Network’s response to the Elastic exploit includes the implementation of the KyberSwap Elastic Exploit Treasury Grant Program, aimed at covering up to 100% of users’ losses.  To provide clarity on the situation, Kyber Network has categorized the affected assets and outlined the consequences for each category.  See Also: DCG Founder, Barry Silbert, Has Resigned As Grayscale Chairman Treasury Grants For Victims  According to the network’s blog post, Category 1 comprises affected assets taken from affected pools by the primary exploit, which commenced on November 22, 2023.  This category includes liquidity positions and liquidity provider (LP) fees, with a market value of $48,883,930.66. Notably, the network…

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Filed under: News - @ December 28, 2023 1:24 am