{"id":88664,"date":"2023-12-25T14:54:26","date_gmt":"2023-12-25T12:54:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=88664"},"modified":"2025-09-13T19:27:42","modified_gmt":"2025-09-13T16:27:42","slug":"kyberswap-cuts-50-of-staff-after-hack","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/kyberswap-cuts-50-of-staff-after-hack\/","title":{"rendered":"KyberSwap cuts 50% of staff after hack"},"content":{"rendered":"<p>In November, <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-decentralised-exchange-dex\">decentralized exchange<\/a> KyberSwap faced \u201cunprecedented problems\u201d due to the Elastic Pools liquidity pool hack. This led to a series of actions, including staff cuts, according to project founder Victor Tran.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">In the past month, KyberSwap has faced unprecedented challenges due to the Elastic exploit. Despite this, I am grateful to say that our core business, including the Aggregator and Limit Order functions, remains robust.<\/p>\n<p>Moreover, we will soon be launching our Zap API, an\u2026<\/p>\n<p>\u2014 Victor Tran (@vutran54) <a href=\\\"https:\/\/twitter.com\/vutran54\/status\/1739138690344190245?ref_src=twsrc%5Etfw\\\">December 25, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In December, the team <a href=\"https:\/\/forklog.com\/en\/news\/kyberswap-promises-grants-to-victims-of-48-8-million-hack\">implemented<\/a> treasury grants to cover 100% of user losses. In addition, the project made \u201csignificant changes\u201d to its business operations to ensure further development, including the suspension of liquidity protocol initiatives and the KyberAI project.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cUnfortunately, we have also cut the staff by 50%. The past few days have been some of the hardest on my journey as an entrepreneur. The decision to part ways with many members of our team was heartbreaking,\u201d admitted the top executive.<\/p>\n<\/blockquote>\n<p>According to him, every laid-off employee was committed to advancing DeFi and possessed high qualifications. Tran urged founders of <a href=\"https:\/\/forklog.com\/en\/news\/what-is-web3\">Web3<\/a>-projects to consider freelance specialists.<\/p>\n<p>In November, an unknown hacker withdrew from the protocol <a href=\"https:\/\/forklog.com\/en\/news\/hacker-drains-kyberswap-elastic-pools-of-about-47-million\">around $47 million<\/a>. According to a X user alias Spreek, the stolen assets included $7.5 million on the Ethereum network, $15 million on Optimism, $16 million on Arbitrum, $2.8 million on Polygon and $870,000 on Base.<\/p>\n<p>Besoin experts <a href=\\\"https:\/\/medium.com\/@Beosin_com\/heco-bridge-hacked-over-83-m-and-kyber-exploited-over-48m-1876d2dbd3fd\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener\\\">assessed<\/a> the exchange&#8217;s losses at approximately $48 million across various assets, \u201cprimarily including 16,217 ETH, 3,987,332 ARB, 591,441 OP and 1,111,926 DAI\u201d.<\/p>\n<p>In response to the offer to return the withdrawn funds for a reward, the hacker behind the platform <a href=\"https:\/\/forklog.com\/en\/news\/hacker-behind-kyberswap-breach-demands-full-control-over-the-project\">demanded<\/a> full control of the project be transferred to him. The ultimatum deadline expired on December 10.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In November, the decentralized exchange KyberSwap faced \u201cunprecedented problems\u201d due to the Elastic Pools liquidity pool hack.<\/p>\n","protected":false},"author":1,"featured_media":88665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1416],"class_list":["post-88664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-kyber-network"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=88664"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88664\/revisions"}],"predecessor-version":[{"id":88666,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/88664\/revisions\/88666"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/88665"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=88664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=88664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=88664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}