You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Kyber Director Demands Executive Control and Asset Surrender in Bold Negotiation Terms

The anonymous attacker responsible for the recent $47 million exploit on the decentralized crypto exchange KyberSwap has revealed bold demands in proposed negotiation terms made public on November 30. The individual, self-styled as the “Kyber Director,” is demanding full control over KyberSwap’s operations and assets to address the losses incurred from the breach on November 23.

Kyber Director Seeks Broad Authority Over KyberSwap Governance and Assets

As per the statement shared through an Ethereum transaction, the Kyber Director is making comprehensive demands. The exploiter is seeking complete executive authority over KyberSwap, including temporary ownership of the governance mechanism to implement protocol changes. Additionally, the attacker is demanding the turnover of all documents and data pertaining to KyberSwap’s structure, finances, and intellectual property.

Furthermore, the Kyber Director is requesting the surrender of all on-chain and off-chain assets linked to the company. This includes equity, tokens, partnerships, websites, social channels, and any other properties associated with the decentralized exchange. The demands highlight the extent to which the attacker is seeking control over various aspects of KyberSwap’s operations and assets.

Employee Benefits and Token Holder Rebates Offered in Return

In exchange for complying with the stipulated demands by December 10, the Kyber Director has outlined certain concessions for employees, investors, and liquidity providers associated with KyberSwap. Executives would be offered a buyout at a fair valuation, while other employees could anticipate doubled salaries under the new leadership.

Token holders would stand to gain from a complete protocol overhaul aimed at enhancing KyberSwap’s market position. The exploiter has also committed to providing a 50% rebate on recent losses incurred by liquidity providers due to the attack. However, the deal is contingent on law enforcement not intervening.

The Kyber Director explicitly stated in the negotiations, “This is my best offer. This is my only offer. I require my demands to be met by December 10, otherwise, the treaty falls through. Additionally, should I be contacted by agents from any of the 206 sovereignties, concerning the trades I placed on Kyber, the treaty falls through. In this case, rebates will total to exactly 0.” The ultimatum underscores the conditional nature of the proposed agreement.

The audacious proposal came into the spotlight after KyberSwap managed to recover around $4.67 million from frontrunning bots that took advantage of the recent breach. The decentralized exchange has communicated its ongoing collaboration with authorities to trace more exploited assets.

While the proposed treaty could potentially mitigate the widespread impact of the exploit, it introduces profound governance concerns for a prominent DeFi protocol. KyberSwap is now confronted with a complex decision—balancing the potential recovery of additional funds against the risk of setting a dangerous precedent by acceding to the demands of an anonymous attacker. As the December 10 deadline approaches, the community eagerly anticipates KyberSwap’s official response to this bold negotiation attempt.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024