#KyberNetwork #DeFi #CryptoSecurity #ElasticExploit #KyberSwap #TreasuryGrantProgram #KyberAI #CryptoMarket
Kyber Network, a decentralized finance (DeFi) platform, has been employing robust measures to counteract the consequences of a significant security breach that occurred in November, led by CEO and co-founder Victor Tran. Despite the obstacles brought on by the ‘Elastic exploit’, KyberSwap’s main business operations, including the aggregator and limit order features, continue to function properly according to their latest statement. Tran also announced plans to launch the Zap API soon, aimed at facilitating decentralized applications (dApps), wallets, and other similar projects to act as hassle-free gateways for users to tap into DeFi liquidity protocols.
As part of its response to the Elastic exploit, Kyber Network has instituted operational modifications, including temporary halts in liquidity protocol initiatives and the KyberAI project, to ensure sustainability in the operation. This has unfortunately led to a downsizing of the workforce by 50%. Furthermore, Kyber Network has initiated the KyberSwap Elastic Exploit Treasury Grant Program, aimed at compensating up to 100% of users’ losses. Additionally, to provide a clear perspective on the situation, Kyber Network has classified the impacted assets and detailed the implications for each category.
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