KyberSwap, a leading decentralized exchange (DEX) aggregator, announced a 50% reduction in its workforce following a $54 million exploit earlier this month.
CEO and co-founder Victor Tran announced the decision on social media on Dec. 24.
Elastic fallout
The cuts come as the company grapples with the fallout of the “Elastic exploit,” which compromised its protocol and resulted in significant user losses. Tran said:
“The past month has 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.”
The Elastic exploit, discovered on Nov. 25, allowed hackers to manipulate KyberSwap’s automated pricing mechanism and steal cryptocurrencies held in its liquidity pools.
While the company implemented a Treasury Grant Program to reimburse affected users up to 100% of their losses, the financial impact forced KyberSwap to take drastic measures.
Tran said the company was forced to make significant change
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