KyberSwap laid off 50% of workforce after $54m Elastic exploit

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KyberSwap has decreased its workforce by 50% in response to challenges triggered by the Elastic exploit.

In an X post on Dec. 25, KyberSwap CEO and co-founder, Victor Tran, introduced that the venture decreased its workforce by 50% as a result of Elastic exploit, which resulted in a lack of greater than $54 million of customers’ funds.

Regardless of implementing the Treasury Grant Program, designed to cowl as much as 100% of customers’ losses, KyberSwap discovered it essential to make “vital adjustments” in its enterprise operations to make sure a sustainable path ahead.

“Regrettably, we now have additionally decreased our workforce by 50%. The previous few days have been among the many most difficult in my journey as an entrepreneur.”

Victor Tran

Along with layoffs, KyberSwap has additionally briefly paused its liquidity protocol initiatives and the KyberAI venture.

The Treasury Grant Program gives eligible affected customers numerous choices associated to every deal with for Treasury Grants, together with stablecoin equivalents and vesting durations. Customers can select between choices representing 60% or 100% of the reference worth of affected property, with vesting durations spanning three months or 12 months. Alternatively, customers have the choice to opt-out.

Along with the layoffs, KyberSwap has briefly halted its liquidity protocol initiatives and the KyberAI venture as a part of the strategic adjustments following the exploit.

KyberSwap fell victim to a multimillion-dollar hack in late November after an unknown hacker recognized a bug within the tick interval boundaries in Kyber’s concentrated liquidity swimming pools. The hacker later issued demands for full management of the protocol, its property, and momentary possession of KyberDAO and its governance mechanism, together with entry to firm data.

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