Protocol Treasury Grants by KyberSwap to Assist Victims of Recent Exploit

The Team Behind KyberSwap Offers Grants to Victims of Recent Exploit

The team behind KyberSwap has announced that they will be providing grants from the protocol’s treasury to victims of the recent exploit. The goal is to offer monetary relief to those affected.

Commitment to Supporting Law Enforcement and Cybersecurity Efforts

In a public statement, the team at KyberSwap reiterates their commitment to supporting law enforcement and cybersecurity efforts in tracking down the exploiter and recovering users’ funds.

Compensation for Users Affected by the Exploitative Actions

KyberSwap plans to compensate users who fell victim to the exploitative actions that drained funds from the platform. The team acknowledges the concerns of affected users and aims to ease their hardships.

Exploit Details and Recovery Efforts

The exploit occurred on November 22, resulting in an approximate loss of $48.8 million from users’ funds in KyberSwap Elastic liquidity pools. Investigations revealed that the vulnerability lay in the tick interval boundaries of the concentrated liquidity pools.

KyberSwap has managed to recover $4.7 million of the stolen funds, which were taken by third-party MEV bots during the hack. The team is actively addressing security breaches and taking a proactive approach.

Hacker’s Demands and Partial Recovery

The hacker responsible for the exploit declined a 10% white-hat hacker reward offered by KyberSwap and made other demands, including requesting full control over the project. KyberSwap has recovered a portion of the stolen funds, reflecting their commitment to resolving security breaches.

Hot Take: KyberSwap Takes Swift Action Following Exploit

KyberSwap has shown its dedication to supporting users affected by the recent exploit. By offering grants from the protocol’s treasury and actively recovering stolen funds, KyberSwap demonstrates its commitment to transparency and user protection. The team’s proactive approach sets a positive example for the crypto community in addressing security breaches and providing relief to victims.