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KyberSwap’s CEO, Victor Tran, has confirmed a 50% reduction in staff following the recent $48 million exploit. The CEO, in a December 25 post on X (formerly Twitter), emphasized the company’s commitment to maintaining operations and compensating all affected users with their assets.
Despite facing challenges, the post also highlighted the growth of business operations and the implementation of significant roadmap milestones. This update sheds light on KyberSwap’s efforts to address the aftermath of the exploit while advancing its business objectives.
Tran acknowledged the difficulty of the decision to cut 50% of the workforce, expressing the pain associated with parting ways with a team characterized by their skills and dedication.
In a heartfelt statement, CEO Victor Tran revealed the painful decision to reduce KyberSwap’s workforce by 50%, acknowledging the challenging nature of the past few days in his entrepreneurial journey.
Despite this difficult move, the company is leveraging its talent pool to create a database connecting affected staff to opportunities within the expanding realm of web3. The CEO urged other organizations to consider these skilled professionals for their workforce needs.
One of KyberSwap’s employees, OxJume, shared on X about the privilege of working for the company, expressing plans to become an alumnus next month and embark on building projects on Solana (SOL) in the coming year. This underscores the resilience and adaptability of the workforce during times of organizational transition.
KyberSwap’s Resilient Path Forward: Reimbursement and Strategic Adjustments
Despite the setbacks incurred from the Elastic exploit last month, KyberSwap remains committed to its development trajectory with a clear roadmap and a promise to reimburse all users who suffered losses. The company has introduced the KyberSwap Elastic Exploit Treasury Grant Program to address user losses, garnering support from the community as it moves forward.
📉🚨 #KyberSwap, a #decentralized finance protocol, announces a 50% workforce reduction following a $48.8 million exploit in November. CEO Victor Tran describes the decision as "heart-wrenching,". #CryptoNews https://t.co/6NXzq6ymEU
— 1ATH.Studio (@1ATHStudio) December 27, 2023
In response to the evolving landscape, KyberSwap has implemented changes to its business operations for sustainable development. While liquidity protocol initiatives and KyberAI have been temporarily paused, core business functions, including the aggregator and order limit features, have experienced growth.
To ensure platform sustainability, the Zap API is set to onboard decentralized applications (dApps), and the imminent launch of wallets will provide users with additional tools to enhance their interactions with the platform. These strategic adjustments showcase KyberSwap’s resilience and proactive measures for continued progress.
Post-Exploit Fallout: KyberSwap Faces Significant TVL Drop and Hacker’s Demands
In a startling turn of events last month, KyberSwap revealed a significant exploit on its platform, accompanied by demands from the hacker. Despite the company’s plea for users to withdraw their assets, substantial damage had already occurred. Data from DeFiLlama paints a vivid picture, showcasing a drastic drop in total value locked (TVL) from $80 million to $22.23 million following the incident.
The hacker further escalated the situation by taunting the company, hinting at negotiations after taking a rest. On-chain messages and audacious demands were released, including the bold objective of seizing executive functions of the platform. The hacker went on to suggest a radical transformation, envisioning Kyber undergoing a complete makeover from the 7th most popular decentralized exchange (DEX) to an entirely new cryptographic project.
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