After KyberSwap Elastic Exploit, Kyber Will Compensate Users For Damages On December 20

Key Points:

• Kyber Network commits to providing financial compensation for users affected by the KyberSwap Elastic exploit.
• Compensation details to be disclosed on December 20 at 2:00 PM UTC.

In response to the recent KyberSwap Elastic exploit that led to a $47 million loss, Kyber Network has taken decisive steps to address the issue and provide relief for affected users.

Kyber Network’s Response to KyberSwap Elastic Exploit

Kyber Network has announced that it will offer financial compensation to every user impacted by the KyberSwap Elastic exploit. The specifics of this compensation are currently in the finalization stage and will be disclosed at 2:00 PM UTC on December 20.

To facilitate transparency, a snapshot page has been created, allowing affected users to review the USD value of their compromised positions, inclusive of fees. This information is recorded in a block preceding the occurrence of the vulnerability. For users whose wallets remain unaffected, a confirmation message will be displayed, assuring them that their positions were not compromised during the exploit.

The individual responsible for the KyberSwap Elastic exploit, now identifying as “Kyber Director,” has outlined conditions for returning the stolen funds. Notably, these conditions include demanding “complete executive control” over the Kyber company. In an open, on-chain letter sent via an Ethereum transaction, the Kyber Director specifically requested the transfer of keys to the 100-plus-person company.

The hacker communicated their demands on November 30 through an on-chain message, addressing all relevant parties involved. The demands extend to temporary full authority and ownership of the KyberDAO, control over all company documents, and possession of all assets owned by the Kyber company.

As of the latest data from DefiLlama, the KyberSwap protocol presently holds a total value locked of $6.83 million. Prior to the exploit and subsequent advice for users to withdraw funds from the vulnerable platform, this figure stood at $85 million.

Kyber Network‘s commitment to compensating affected users and the ongoing negotiations with the hacker for the return of stolen funds underscore the company’s dedication to addressing the aftermath of the exploit and securing the platform for its users.

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