Kyberswap Exploit Fallout: Platform’s Workforce Cut by 50%

The CEO of Kyberswap, the decentralized finance aggregator, revealed on Christmas Day that the platform just lately laid off 50% of its workforce. The CEO added his group is within the course of of making a voluntary database that’s anticipated to assist these staff safe new jobs within the Web3 area.

Continuing Impact of the November Security Breach

Victor Tran, the co-founder and CEO of the decentralized finance (defi) platform Kyberswap, introduced on Christmas Day that his firm has lowered its workforce by 50%. In a post on X, Tran linked the choice to let go of a few of its most expert staff to final month’s safety breach, which noticed Kyberswap lose belongings price greater than $50 million to a cyber-criminal.

As reported by Bitcoin.com News quickly after the breach was confirmed, Kyberswap initially stated digital belongings price $47 million have been unaccounted for. This determine would later rise to greater than $50 million, making it one of many largest safety incidents in decentralized finance in November. At the time, the Kyberswap staff initially claimed that the incident had not impacted its decentralized alternate aggregator.

Kyberswap later engaged with the hacker(s) who responded by asking administration to promote them the platform. The hackers additionally proposed a twelve-month severance bundle to Kyberswap workers who agreed to resign. At the time, the hackers’ calls for have been rebuffed by the Kyberswap staff.

Significant Changes to Kyberswap’s Operations

However, in his publish on X, Tran neither confirmed nor denied if the employee retrenchments are linked to the hackers’ calls for. Instead, the CEO implied that the job cuts have been as a consequence of Kyberswap’s choice to make customers impacted by the breach complete.

“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 Kyber AI project,” Tran defined.

Meanwhile, the CEO of Kyberswap revealed that his group is within the course of of making a voluntary database that may assist laid-off staff safe new jobs within the Web3 area. Tran additionally appealed to different Web3 founders to think about recruiting the departed workers.

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