Kyber Network Forced to Slash Staff by 50% After $46,500,000 Exploit, According to CEO
Decentralized finance (DeFi) platform Kyber Network is cutting its staff in half following a large exploit earlier this year, according to its CEO and founder.
In November, KyberSwap was exploited for $46.5 million worth of digital assets, including $20.78 million worth of Wrapped Ethereum (wETH), $9.53 million worth of Lido-wrapped staked Ethereum (wstETH), and $4.1 million worth of layer-2 scaling solution Arbitrum (ARB).
Kyber Network CEO and founder Victor Tran says on the social media platform X that due to the exploit, the firm is taking measures to make up for the lost funds, including large staff cuts.
“However, due to the Elastic exploit, in a move to stand by affected users, we implemented the KyberSwap Elastic Exploit Treasury Grant Program to cover up to 100% of users’ losses. We have also made significant changes in our business operations to ensure we are well positioned to continue on a sustainable path forward, including temporarily pausing our liquidity protocol initiatives and KyberAI project.
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. Their unwavering dedication during these tough times has shown great character and passion for the industry. Such talent and integrity are rare in our fast-paced, profit-driven industry.”
Kyber Network Crystal (KNC), the native token for Kyber Swap, has mostly traded sideways since the exploit, currently trading at $0.72 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Philipp Tur/Natalia Siiatovskaia
The post Kyber Network Forced to Slash Staff by 50% After $46,500,000 Exploit, According to CEO appeared first on The Daily Hodl.
Go to Source
Author: Alex Richardson
