Decentralized Finance Platform Kyber Network Addresses Security Breach
Kyber Network, a DeFi platform, is taking steps to address the aftermath of a major security breach. Despite the challenges posed by the “Elastic exploit,” KyberSwap’s core business remains fully functional, according to CEO Victor Tran. Kyber Network is set to launch the Zap API, which will allow dApps, wallets, and other projects to serve as gateways for users to access DeFi liquidity protocols. The company has also made operational changes and reduced its workforce by 50% to ensure a sustainable future. Additionally, Kyber Network has implemented the KyberSwap Elastic Exploit Treasury Grant Program to cover up to 100% of users’ losses.
Treasury Grants for Affected Users
Kyber Network has categorized the affected assets and outlined the consequences for each category. Category 1 includes assets taken from affected pools by the primary exploit, with a market value of $48,883,930.66. Category 2 consists of assets obtained by mimicking bots, totaling US$172,148.52. Category 3 includes assets removed from affected pools and swapped into Category 3 Swapped affected assets, valued at $6,405,483.43. Category 4 represents assets locked in affected pools due to an incorrect pool state, with a total value of $24,478.93. Finally, Category 5 represents recovered assets from liquidity pools worth $706,162.85.
Conclusion: Kyber Network Addresses Security Breach and Supports Affected Users
Kyber Network is actively responding to the security breach it experienced and is committed to supporting affected users. The company has taken measures to ensure its core business functions remain intact while implementing the KyberSwap Elastic Exploit Treasury Grant Program to cover losses. By categorizing the affected assets and providing transparency, Kyber Network aims to provide clarity on the situation. Despite the challenges faced, the company is optimistic about a sustainable future and continues to innovate with the upcoming launch of the Zap API.
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