KyberSwap Announces Grants from Protocol Treasury to Aid Victims of Recent Exploit
The team behind KyberSwap announced that it would offer grants from the protocol’s treasury to victims of the recent exploit, aiming to provide monetary relief.
In a post on X (formerly Twitter), the team behind KyberSwap reiterates its unwavering commitment to supporting law enforcement and cybersecurity efforts to track down the exploiter and recover users’ funds.
In relation to the KyberSwap Elastic incident that transpired from 22 November 2023, 10:54:09 PM UTC, resulting in the exploitative swaps by the exploiter that drained approximately $48.8 million of users’ funds from KyberSwap Elastic liquidity pools, we reiterate our unwavering…
— Kyber Network (@KyberNetwork) December 1, 2023
The team discloses its intention to provide compensation to users who fell victim to the exploitative actions that drained users’ funds from the platform.
In a public statement, KyberSwap emphasized its dedication to supporting users during this challenging period and acknowledged the ongoing concerns of those who suffered losses due to the exploit.
The decentralized finance protocol suffered a substantial exploit on November 22, where an exploiter drained approximately $48.8 million from users’ funds in KyberSwap Elastic liquidity pools.
The team acknowledges the concerns of users, especially those facing hardships due to the exploit. Despite KyberSwap Elastic being a decentralized and permissionless protocol where users accept the risk, KyberSwap aims to ease the hardship faced by affected users.
As part of its commitment, KyberSwap plans to provide grants from the KyberSwap Treasury to users who lost funds in the exploit and have yet to recover them. The proposed grant is intended to be up to the USD value of the funds at the time of the
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