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News

KyberSwap Hacker Demands Full Control Of Kyber Operations

2 mins mins
Key Points:
  • The KyberSwap hacker demands full control of the company for a $46 million return and sets a December 10 deadline.
  • Hacker promises a Kyber makeover and offers benefits, including employees’ doubled salaries and token value reassurance.
  • KyberSwap’s future remains uncertain amid ongoing negotiations and recovery efforts.
In a surprising turn of events, the KyberSwap hacker, the individual responsible for the $46 million exploit, now demands full control of the company as a condition for returning the stolen funds. 
KyberSwap Hacker Demands Full Control Of Kyber Operations
 

KyberSwap Hacker Demands Takeover in Return for Stolen $46 Million

In a detailed message released on Nov. 30, the KyberSwap hacker outlined specific demands, including complete executive control over Kyber (the company) and temporary ownership of the governance mechanism (KyberDAO). Additionally, the hacker seeks access to all company-related information and assets and the surrender of both on-chain and off-chain assets.
 
As part of the proposed deal, executives would be bought out at a fair valuation, employees would be offered doubled salaries, and token holders would be assured that their tokens would no longer be worthless. The KyberSwap hacker promises a complete makeover for Kyber, transforming it from the 7th most popular DEX into an entirely new cryptographic project.
 
The ultimatum requires compliance by December 10; otherwise, the treaty falls through. Furthermore, any contact from agents of sovereign entities regarding the hacker’s trades on Kyber would nullify the agreement.
 
Earlier negotiations had been strained, with the hacker urging a more civil approach. KyberSwap had managed to recover $4.67 million from the initial exploit, attributed to front-running bot operators on the Polygon and Avalanche networks. However, the latest message from the hacker remains unanswered, leaving the fate of KyberSwap uncertain amidst ongoing recovery efforts.
 
KyberSwap, a pioneering DeFi protocol, now faces a precarious situation as it grapples with the possibility of a hostile takeover and strives to navigate the aftermath of the substantial crypto theft.
 

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

 
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Avatar of Harold

Harold

30 November 2023, 13:11:01 GMT +0000

With a passion for untangling the complexities of the financial world, I’ve spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. “The financial markets are a fascinating puzzle,” I often say, “and I love helping people make sense of them.” That’s what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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