Kyber Network Slashes Staff By 50% Following Significant Exploit

CEO of Kyber Network had to slash the staff of the firm following an important exploit of $46,500,000. Here are more details on the matter below.

Kyber Network, a decentralized finance (DeFi) platform, will reduce its workforce by 50% due to a significant hack that occurred earlier this year.

The CEO and founder of the platform, Victor Tran, revealed that the company will take measures to recover the lost funds, including downsizing.

In November, KyberSwap fell victim to an exploit that resulted in the loss of $46.5 million worth of digital assets, including $20.78 million in Wrapped Ethereum (wETH), $9.53 million in Lido-wrapped staked Ethereum (wstETH), and $4.1 million in the layer-2 scaling solution Arbitrum (ARB).

“However, due to the Elastic exploit, in a move to stand by affected users, we implemented the KyberSwap Elastic Exploit Treasury Grant Program to cover up to 100% of users’ losses. We have also made significant changes in our business operations to ensure we are well positioned to continue on a sustainable path forward, including temporarily pausing our liquidity protocol initiatives and KyberAI project.”

He continued and explained the following:

“Regrettably, we have also reduced our workforce by 50%. The past few days have been among the most challenging in my journey as an entrepreneur. The decision to part ways with so many of our team members was heart-wrenching. Each individual is not only highly skilled, but also deeply committed to advancing DeFi and bringing tangible value to end-users.”

He said, according to the latest notes published by the online publication the Daily Hodl the fact that their unwavering dedication during these tough times has shown great character and passion for the industry.

He also highlighted the fact that such talent and integrity are rare in our fast-paced, profit-driven industry.

There have been a lot of important moves that took place in the crypto space in 2023 and 2024 is predicted to be a massive year for the industry.