KyberSwap announces treasury grants for hack victims
The grant is designed to ease the financial burden on affected individuals and will equal the USD equivalent of the assets lost in the security breach.
KyberSwap intends to provide financial assistance to users affected by a significant exploit on Nov.
The grant is designed to ease the financial burden on affected individuals and will equal the USD equivalent of the assets lost in the security breach.
Examinations into the security breach have unveiled that the weakness originated from the tick interval boundaries within KyberSwap’s concentrated liquidity pools. This loophole enabled an attacker to manipulate liquidity artificially, resulting in a substantial depletion of funds.
Initially assessed at $47 million, the loss was later verified to be $48.8 million.
Related: KyberSwap hacker wants control, law firm says Aussie DeFi tax rules ‘non-binding’: Finance Redefined
Interestingly, KyberSwap has successfully recovered $4.7 million of the stolen funds, which were separately taken by third-party MEV bots during the hack.
By offering treasury grants, this response to this crisis marks a notable effort in the decentralized finance community to maintain trust and support among its users following security breaches.
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Author: Amaka Nwaokocha
