KyberSwap Introduces Treasury Grant Program for Affected Users
Following the exploit that occurred on Nov. 22, KyberSwap has announced a treasury grant program for affected users. The exploit resulted in exploitative swaps that drained approximately $48.8 million of users’ funds from liquidity pools. KyberSwap is committed to collaborating with law enforcement and cybersecurity to identify the exploiter and recover the funds.
Grant Options for Affected Users
As part of their plan, KyberSwap will provide grants to affected users, matching the value of the lost funds. Eligible users have various options related to each address for Treasury Grants. They can choose to receive stablecoins equivalent to 60% of the reference value of their affected assets, vested over 3 months, or stablecoins equivalent to 100% of the reference value, vested over 12 months. Alternatively, they can opt-out.
Treasury Grant UI and Distribution
The Treasury Grant UI will be available starting Jan. 11, allowing users to choose their preferred option. The decision deadline is Jan. 23, and distribution will begin on Feb. 1.
Hot Take: KyberSwap Supports Affected Users with Treasury Grant Program
KyberSwap has taken a proactive step in supporting its users affected by the exploit by introducing a treasury grant program. This program aims to compensate affected users by providing grants matching the value of their lost funds. By offering multiple options and allowing users to choose their preferred grant option, KyberSwap demonstrates its commitment to helping users recover from the incident. The transparency and clear timeline for decision-making and distribution further enhance trust and confidence among affected users. Overall, this initiative showcases KyberSwap’s dedication to its community and highlights its efforts to rectify the situation.
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