An Ultimatum for Kyber Network: Total Control or Stolen Assets
DeFi platform Kyber Network is facing a shocking ultimatum from an anonymous hacker who stole over $46 million in assets. The hacker is demanding complete executive control of Kyber, as well as ownership and control of its governance mechanism, KyberDAO. In exchange for relinquishing control, the hacker promises to compensate stakeholders and make them whole.
The New ‘Kyber Director’
In addition to control, the hacker is demanding access to all documents and information related to Kyber, including its origins, structure, investors, and balance sheet. The hacker refers to himself as the ‘Kyber Director’ and states that this is his best and only offer.
However, the hacker has no plans to directly return any funds. Instead, he is demanding the forfeiture of all of Kyber’s on-chain and off-chain assets. The hacker’s compensation includes buying out Kyber’s executives at a fair valuation and offering generous benefits to employees.
Keeping Kyber Alive
Kyber’s executives have until December 10 to accept the offer. If they do, the hacker claims he will transform Kyber into an entirely new cryptographic project. The hacker emphasizes that he does not want to see Kyber go under.
Kyber was initially hacked on November 22, and since then, the hacker has been taunting the executives with on-chain messages. Despite recovering some losses from bot operators, Kyber’s total value locked (TVL) remains significantly lower than before the hack.
Hot Take: Hacker Demands Control Over DeFi Platform
An anonymous hacker has demanded complete control over DeFi platform Kyber Network in exchange for compensating stakeholders who lost over $46 million in stolen assets. The hacker, known as the ‘Kyber Director,’ has given Kyber’s executives an ultimatum to accept his offer, which includes forfeiting total control of the company and protocol. If accepted, the hacker promises to make stakeholders whole and transform Kyber into a new cryptographic project. This unprecedented situation highlights the vulnerabilities of decentralized platforms and the risks associated with storing significant assets on them. It also raises questions about the future of Kyber Network and the potential impact on the DeFi industry as a whole.
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