KyberSwap Negotiating with Hacker for Stolen Funds
KyberSwap, a cryptocurrency exchange that suffered a $50 million hack on November 22, is currently in negotiations with the hacker to recover the stolen funds. The decentralized autonomous organization (DAO) overseeing KyberSwap has expressed a desire to negotiate and has proposed a unique resolution.
KyberSwap Offers 10% Bounty for Safe Return of Funds
In an attempt to incentivize the safe return of the stolen funds, KyberSwap has offered a bounty equivalent to 10% of the funds taken from users. The DAO has set a deadline for the attacker to return 90% of the stolen funds by November 25 or face consequences.
Hacker Remains Inactive, Exploited Smart Contract
The hacker has not responded to the bounty proposal and has been inactive since November 22. According to Doug Colkitt, founder of Ambient exchange, the attacker carried out a highly complex smart contract exploit using an “infinite money glitch” and took advantage of KyberSwap’s liquidity implementation.
Hot Take: KyberSwap’s Bold Move to Recover Stolen Funds
KyberSwap’s negotiation strategy with the hacker demonstrates their determination to recover the stolen funds. By offering a bounty and proposing direct distribution to affected users, they are taking proactive steps towards resolution. However, the hacker’s silence raises concerns about whether they will comply with the ultimatum. The crypto community eagerly awaits updates on this high-profile hack and hopes for a successful recovery of the stolen funds.
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