April 19, 2024
KyberSwap Under Siege: Hacker Requires Executive Control for Fund Return
Latest Cryptocurrency News

KyberSwap Under Siege: Hacker Requires Executive Control for Fund Return

In a dramatic turn of events, the hacker responsible for the $46 million exploit on KyberSwap has revealed their conditions for returning the stolen funds, placing a unique demand for “complete executive control” over the Kyber company.

On November 30, the KyberSwap hacker transmitted an on-chain message to all relevant parties, outlining their requirements. These include not only control over the company but also temporary full authority and ownership of KyberDAO, all related documents, and all assets held by the Kyber company.

In return, the hacker pledged to acquire the company at a fair valuation, expressing goodwill to the current executives for their “future endeavours.” Additionally, the hacker vowed to double the salaries of employees under the new management. Even for those choosing not to stay, a generous 12-month severance package with full benefits and career assistance was assured.

Beyond the internal restructuring, the hacker asserted benefits for token holders and investors, stating that their tokens would “no longer be worthless” under the proposed transition. The hacker went further, envisioning a complete overhaul of Kyber under their management, transforming it from the 7th most popular decentralized exchange (DEX) into an entirely new cryptographic project.

Addressing liquidity providers, the hacker promised rebates for recent market-making activities, amounting to 50% of the losses incurred. The hacker acknowledged this might be less than expected but asserted it was more than deserved.

However, this offer comes with a deadline. The hacker set December 10 as the date for Kyber’s compliance with the demands. Failure to meet these conditions would result in the “treaty falling through.” The hacker also issued a warning that any contact from agents regarding the trades placed on Kyber would render the treaty void.

This ultimatum adds a layer of complexity to the already challenging situation for KyberSwap and its stakeholders. The broader cryptocurrency community will be closely watching the developments, as the outcome may have implications for the handling of future security breaches and negotiations in the decentralized finance (DeFi) space.

Image: Wallpapers.com

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