Decentralized finance (DeFi) platform Kyber Network is cutting its staff in half following a large exploit earlier this year, according to its CEO and founder.
In November, KyberSwap was exploited for $46.5 million worth of digital assets, including $20.78 million worth of Wrapped Ethereum (wETH), $9.53 million worth of Lido-wrapped staked Ethereum (wstETH), and $4.1 million worth of layer-2 scaling solution Arbitrum (ARB).
Kyber Network CEO and founder Victor Tran says on the social media platform X that due to the exploit, the firm is taking measures to make up for the lost funds, including large staff cuts.
“However, due to the Elastic exploit, in a move to stand by affected users, we implemented the KyberSwap Elastic Exploit Treasury Grant Program to cover up to 100% of users’ losses. We have also made significant changes in our business operations to ensure we are well positioned to continue on a sustainable path forward, including temporarily pausing our liquidity protocol in
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