KyberSwap promises grants to victims of $48.8 million hack

The KyberSwap decentralized exchange team will offer grants from the project’s treasury to users affected by the November hack worth $48.8 million.

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

According to initial reports, the Elastic Pools losses amounted to about $47 million in crypto assets.

According to KyberSwap, users themselves assumed the risks of using the decentralized protocol. However, the team has decided to support those affected.

“We plan to provide users with grants from the KyberSwap treasury to ease the losses caused by the exploit,” the message said.

Payouts will be made in an amount not exceeding the USD value of the funds at the time they were withdrawn from the account, the team noted. It is working out the details of the proposal and will disclose more information about the grants within two weeks.

Earlier, in KyberSwap warned about fake compensation offers.

Earlier, in response to the offer to return the withdrawn funds for a reward, the platform’s demanded full control over the project. The ultimatum deadline expires on December 10.