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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Kyber Network Takes Swift Action After $48 Million Breach, Implements Critical Decisions

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Kyber Network

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Decentralized finance (DeFi) platform Kyber Network has taken significant steps to address the aftermath of a massive security breach in November, with CEO and co-founder Victor Tran at the helm.

Despite the challenges posed by the “Elastic exploit”, KyberSwap’s core business, including the aggregator and limit order functions, remains fully functional, according to the latest statement.

Kyber Network Response To Elastic Exploit

As stated by Tran, Kyber Network is preparing to launch the Zap API, this is expected to enable decentralized applications (dApps), wallets, and other projects to serve as convenient gateways for users to access DeFi liquidity protocols. 

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Additionally, Kyber Network has made operational changes, including temporary pauses in liquidity protocol initiatives and the KyberAI project, to “ensure a sustainable future”. Tran further stated:

Regrettably, we have also reduced our workforce by 50%. The past few days have been among the most challenging in my journey as an entrepreneur. The decision to part ways with so many of our team members was heart-wrenching. Each individual is not only highly skilled but also deeply committed to advancing DeFi and bringing tangible value to end-users. 

Tran also stated that Kyber Network’s response to the Elastic exploit includes the implementation of the KyberSwap Elastic Exploit Treasury Grant Program, aimed at covering up to 100% of users’ losses. 

To provide clarity on the situation, Kyber Network has categorized the affected assets and outlined the consequences for each category. 

Treasury Grants For Victims 

According to the network’s blog post, Category 1 comprises affected assets taken from affected pools by the primary exploit, which commenced on November 22, 2023. 

This category includes liquidity positions and liquidity provider (LP) fees, with a market value of $48,883,930.66. Notably, the network has stated that these assets have yet to be recovered.

Category 2 consists of affected assets taken from affected pools by subsequent activity, referred to as Category 2 Mimicking Bots (MBA). 

These assets, totaling US$172,148.52, were obtained by two mimicking bots that replicated the actions of the primary exploit. Similar to Category 1, these assets have yet to be recovered.

Category 3 includes affected assets that were removed from affected pools by subsequent activity, collectively referred to as Category 3 Mimicking Bots (MBA), along with assets referred to as Category 3 swapped affected assets. 

While a portion of the affected assets were partially recovered, a portion of the assets were swapped into Category 3 Swapped affected assets. The market value of the Category 3 Affected Assets is $6,405,483.43, based on the last block before the Category 3 MBA.

Assets falling under Category 4 are currently locked in affected pools due to an “incorrect pool state” resulting from the primary exploit and MBA. The total value of these assets is $24,478.93. 

This amount comprises different segments: $9,390.51 attributable to the primary exploit, $15,036.04 attributable to the Category 2 MBA, and $52.38 attributable to the Category 3 MBA.

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Lastly, Category 5 represents affected assets that were previously locked in affected pools due to an incorrect pool state resulting from the primary exploit. However, these assets have been successfully recovered from the liquidity pools, with a total value of $706,162.85.

Kyber Network
The 1-day chart shows KNC’s price recovery over the past 14 days. Source: KNCUSDT on TradingView.com

At present, the native token of Kyber, KNC, is trading at $0.732, indicating a marginal decline of 0.3% within the past 24 hours. Nevertheless, over the last fourteen days, the token has demonstrated notable growth, with gains surpassing 7%.

Featured image from Shutterstock, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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