KyberSwap CEO Reduces Staff by 50% Following Exploit
The CEO of KyberSwap, Victor Tran, has announced that the company has cut its staff in half after experiencing a $48 million exploit last month. Tran emphasized the importance of keeping operations running smoothly and ensuring that all affected users are compensated with their assets.
The State of Affairs and Future Plans
In a post on X (formerly Twitter), Tran explained the current situation following the incident. He acknowledged the challenges faced by KyberSwap but also highlighted the growth of their business operations and upcoming roadmap implementations.
A Painful Decision
Tran expressed his regret over the decision to reduce the workforce by 50%, acknowledging the skills and dedication of the team. He described it as one of the most challenging moments in his journey as an entrepreneur.
To support the affected employees, KyberSwap has created a database to connect them with opportunities in the web3 space. Tran also called on other organizations to consider hiring these talented individuals.
Building for the Future
Despite the exploit, KyberSwap remains focused on its development plans. The company has implemented a program to reimburse all users who lost their assets and has gained support from the community.
KyberSwap has made changes to its business operations for sustainable development and temporarily paused liquidity protocol initiatives. However, core functions such as the aggregator and order limit functions have seen an increase.
The Zap API will soon be launched to onboard decentralized applications (dApps) and wallets, providing users with more tools to interact with the platform.
The $48 Million Exploit
Last month, KyberSwap experienced a significant exploit that shocked the digital asset community. The company urged users to withdraw their assets, but the damage had already been done. Total value locked (TVL) dropped from $80 million to $22.23 million following the incident.
The hacker behind the exploit teased the company and made demands, including taking over executive functions of the platform. KyberSwap is committed to rebuilding and contributing to the wider DeFi ecosystem.
Hot Take: KyberSwap Faces Setback but Remains Resilient
KyberSwap has faced a major setback with the recent exploit and subsequent challenges. However, the company is determined to overcome these obstacles and continue its development plans. By reducing staff and implementing reimbursement programs, KyberSwap is taking responsibility for the incident and ensuring that affected users are compensated. The CEO’s call for other organizations to consider hiring the talented employees showcases a commitment to supporting their workforce even in difficult times. With upcoming roadmap implementations and the launch of the Zap API, KyberSwap is focused on building a sustainable platform for its users and contributing to the wider DeFi ecosystem.
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