The management of the embattled decentralized exchange KyberSwap has made plans to compensate victims of the protocol’s $ 54.7 million exploit. This development comes a few days after the hacker behind the incident demanded full control over the protocol in return for the stolen funds.
Kyberswap Dips Into Treasury To Reimburse Hack Victims
In its master plan for the remuneration of all users affected by the multi-million dollar exploit of KyberSwap Elastic protocol, Kyber Network – the parent company of the exchange – has announced the protocol’s treasury will be giving a grant to each victim equivalent to the USD value of their stolen assets as at the time the heist occurred.
While KyberSwap is a decentralized and permissionless DeFi project whose Terms of Use state that users are responsible for all risks involved in engaging with protocol in any capacity, its management has decided to take this approach and show solidarity and support for their users amidst this turbulent time.
For now, Kyber Network states that plans for the proposed treasury grants are still being finalized, with more details to be released in the next two weeks. In addition, the DEX’s management also reiterated its dedication to an effective collaboration with law enforcement agencies and cybersecurity firms in locating the exploiter as well as…
