Decentralized Finance Protocol KyberSwap Slashes Workforce by 50% After November Attack
Summary
Following a $48.8 million exploit in November, decentralized finance protocol KyberSwap has reduced its workforce by 50%. The company plans to create a voluntary database to assist workers who are leaving in their search for new opportunities in the Web3 field. Kyber Network is now focusing on compensating affected clients for the attack.
Introduction
Decentralized finance protocol KyberSwap has made the difficult decision to cut its workforce in half following an exploit in November that resulted in a loss of $48.8 million. The company plans to support affected employees by creating a voluntary database to help them find new opportunities in the Web3 industry. In addition, Kyber Network is now focused on compensating the clients affected by the attack.
Main Points
- The Kyber Network team has reduced its workforce by 50% in order to maintain its commercial operations after the November attack.
- The company plans to create a voluntary database to assist employees in finding new opportunities in the Web3 field.
- Kyber Network has put its liquidity protocol efforts and KyberAI project on hold to reduce capital expenditures.
- The company is now focused on compensating affected clients for the November attack through its Treasury Grants Program.
- Affected users must register between January 11th and January 23rd to receive payment.
- Affected users will receive 60% of the reference value, which is approximately $49 million.
- There was an additional theft of $6.6 million from front-run bots after the initial vulnerability.
Conclusion
Decentralized finance protocol KyberSwap has taken measures to maintain its operations following a significant exploit in November. The company has reduced its workforce by 50% and plans to assist affected employees in finding new opportunities. Kyber Network is now focused on compensating the clients affected by the attack through its Treasury Grants Program. The company remains committed to its foundational operations and aims to continue providing services to its users.