The CEO and co-founder of the decentralized exchange KyberNetwork, Victor Tran, announced a 50% reduction in the workforce due to a recent breach in the KyberSwap protocol amounting to $50 million. Victor Tran expressed regret over the abrupt downsizing, necessary for resource reallocation. Tran referred to the departing employees as dedicated, honest, and talented individuals who had made significant contributions to the development of the DeFi industry. In support of the affected team members, KyberSwap’s leadership has created a dedicated employee database and called on other participants in the Web3 sector to consider collaborating with these specialists.
KyberNetwork emphasized that despite asset withdrawals from the Elastic platform’s liquidity pools, the exchange continues to operate stably. Additionally, the platform plans to launch the API Zap solution, expanding access to decentralized finance (DeFi) liquidity protocols. Tran highlighted that KyberSwap will assist affected users through the KyberSwap Elastic Exploit program, covering up to 100% of losses. However, KyberSwap has temporarily suspended liquidity protocol initiatives and the KyberAI project.
