Decentralized finance (DeFi) platform Kyber Community is reducing its workers in half following a big exploit earlier this yr, in accordance with its CEO and founder.
In November, KyberSwap was exploited for $46.5 million value of digital belongings, together with $20.78 million value of Wrapped Ethereum (wETH), $9.53 million value of Lido-wrapped staked Ethereum (wstETH), and $4.1 million value of layer-2 scaling answer Arbitrum (ARB).
Kyber Community CEO and founder Victor Tran says on the social media platform X that as a result of exploit, the agency is taking measures to make up for the misplaced funds, together with giant workers cuts.
“Nonetheless, as a result of Elastic exploit, in a transfer to face by affected customers, we applied the KyberSwap Elastic Exploit Treasury Grant Program to cowl as much as 100% of customers’ losses. Now we have additionally made important adjustments in our enterprise operations to make sure we’re properly positioned to proceed on a sustainable path ahead, together with briefly pausing our liquidity protocol initiatives and KyberAI undertaking.
Regrettably, we’ve got additionally diminished our workforce by 50%. The previous few days have been among the many most difficult in my journey as an entrepreneur. The choice to half methods with so lots of our crew members was heart-wrenching. Every particular person just isn’t solely extremely expert, but in addition deeply dedicated to advancing DeFi and bringing tangible worth to end-users. Their unwavering dedication throughout these powerful instances has proven nice character and fervour for the business. Such expertise and integrity are uncommon in our fast-paced, profit-driven business.”
Kyber Community Crystal (KNC), the native token for Kyber Swap, has principally traded sideways for the reason that exploit, presently buying and selling at $0.72 at time of writing.
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Featured Picture: Shutterstock/Philipp Tur/Natalia Siiatovskaia