The Hacker Demands Complete Control of KyberSwap
Last week, a hacker drained $48 million from decentralized finance market maker KyberSwap and has now listed their demands. The hacker, known as “Kyber Director,” sent an on-chain letter via an Ethereum transaction, requesting complete control of the company. Their demands include surrendering executive control over Kyber Network, temporary authority over the company’s governance DAO, access to internal company documentation, and forfeiture of all company assets. In return, the hacker promises to become Kyber’s new leader and double the salaries of non-executive employees. The hacker also assures token holders that their tokens will no longer be worthless and plans to transform Kyber into a new cryptographic project.
Kyber Network Faces a Tough Decision
While Kyber’s management may be hesitant to give in to the hacker’s demands, they are in a difficult situation. The KyberSwap protocol currently has only $7.17 million locked in value, compared to $86 million before the hack. The company’s leadership has until December 10 to accept the offer, after which the deal will fall through. If any government entity contacts the hacker, the deal will also be canceled. Decrypt reached out to both parties for comment but did not receive an immediate response.
Hot Take: A Hacker’s Bid for Control
A shadowy hacker known as “Kyber Director” has demanded complete control of KyberSwap following a $48 million drain from the platform. The hacker wants executive control over Kyber Network and access to internal documents and assets. In exchange, they promise to become a benevolent leader and transform Kyber into a new cryptographic project. This puts Kyber Network in a tough spot as they face a significant loss in value locked since the hack. They have until December 10 to decide whether to accept the offer. It remains to be seen how Kyber Network will respond and if they can reclaim their stolen funds.
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