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.
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 j
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