In the latest update, KyberSwap has announced plans to offer grants from the treasury to victims of last week's exploit, which drained more than $46 million from the protocol.
The KyberSwap team explained that it plans to use treasury funds to compensate users who suffered the loss of assets through the use of the Elastic liquidity pool. Victims are awarded an amount equal to the U.S. dollar value of their damages at the time of exploitation.
With respect to the KyberSwap Elastic incident that occurred on November 22, 2023 at 22:54:09 UTC, resulting in exploitative swaps by the exploiter that withdrew approximately $48.8 million in user funds from the KyberSwap Elastic Withdrawn from liquidity pools, we reiterate our unwavering…
— Kyber Network (@KyberNetwork) December 1, 2023
While the hacker proposed a settlement on November 30th and demanded to become a Kyber director, the KyberSwap team appears to have neglected the settlement offer and is targeting the hacker.
“We reiterate our unwavering commitment and efforts to support law enforcement and cybersecurity in pursuing the exploiter and recovering the user funds they stole,” the KyberSwap team said.
KyberSwap has so far recovered $4.7 million from the leading bots, which profited nearly $5.7 million following the exploit. A 10% bounty on the hacker was also announced in exchange for the return of funds and avoidance of any legal enforcement. However, the bounty offer was not taken into account by the hacker.
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