KyberSwap Announces Reimbursement for Users Affected by Hack
KyberSwap has provided an update on the recent hack that resulted in the loss of nearly $50 million in cryptocurrency. The exchange expressed sympathy for affected users and pledged to collaborate with law enforcement to apprehend the perpetrator and recover the stolen funds. As part of their plan, KyberSwap intends to grant each user an amount equivalent to the value of their lost funds at the time of the exploit, using funds from the KyberSwap Treasury.
Losses and Precautions
The hacker made off with various cryptocurrencies, including Arbitrum, Optimism, Ethereum, and Base. Approximately $18.85 million was lost in Arbitrum, $15.36 million in Optimism, and $7.44 million in Ethereum, resulting in a total loss of around $46 million. To safeguard against further damage, users were advised to withdraw their funds immediately.
Negotiations with the Hacker
KyberSwap attempted to negotiate with the hacker by offering a 10% bounty reward for returning the stolen funds. However, the hacker responded with an unrealistic demand to take over Kyber Network’s assets and control KyberDAO. Faced with an unfeasible proposal, KyberSwap is now focusing on implementing its refund plan to rebuild trust within its ecosystem.
Hot Take: KyberSwap Aims to Rebuild After Devastating Hack
In response to a recent security breach, KyberSwap is taking steps to reimburse affected users for their losses. By offering a refund plan based on the value of lost funds at the time of the exploit, KyberSwap aims to restore confidence in its platform. While negotiations with the hacker proved unsuccessful, the exchange remains committed to working with law enforcement to recover the stolen funds and bring the perpetrator to justice. This incident serves as a reminder of the importance of cybersecurity in the cryptocurrency space.
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