On the evening of December 1st, Kyber Network, the entity behind the development of the DEX platform KyberSwap, responded to the demands made by a hacker on November 30th.
Specifically, the project will continue to collaborate with authorities to track down the attacker and recover the stolen funds. This implies that Kyber Network rejects the hacker’s demands. However, given the unreasonable demand for “full control of the project,” Kyber Network’s approach is seen as a reasonable one.
In addition to responding to the hacker, Kyber Network also announced that it will use the project’s funds to fully compensate users affected by the KyberSwap hack that occurred in mid-November. Details of the compensation process will be announced within the next two weeks.
It should be noted that KyberSwap, a decentralized exchange, was attacked on November 22, 2023, resulting in a $47 million loss. The project team promptly confirmed and resolved the incident, while advising users to withdraw their funds as a precaution against potential vulnerabilities.
On November 30th, despite legal threats from the project, the KyberSwap hacker presented a series of demands, including the demand for full control of the project. According to the terms proposed by the hacker, this was considered the best and only offer for Kyber.
KyberSwap is a decentralized exchange platform that supports 14 blockchains, including Ethereum. According to data from DefiLlama on December 1st, the platform has a total locked value (TVL) of $7.17 million.
Previously, the security of the platform had raised significant concerns when KyberSwap was hacked in September 2022, resulting in a $265,000 loss. In April 2023, the Kyber team also discovered security vulnerabilities and advised users to withdraw liquidity. However, no funds were lost in that incident.