KyberSwap to Provide Grants from Project Treasury to Hack Attack Victims

KyberSwap has decided to make donations from the project treasury to assist the victims of the hack attack that occurred on November 22, resulting in a loss of $48.8 million.

The recent KyberSwap hack attack, according to Kyber’s announcement, resulted in the theft of assets worth $48.8 million.

The team behind KyberSwap has decided to make donations from the project treasury to support users of their platform and assist the victims of the hack attack. While there has been no clear explanation regarding the net loss of $48.8 million due to the hack, the latest information indicates that a portion of $10 million has been recovered.

Donations are to be Made from the Protocol Treasury

According to the official announcement from KyberSwap, victims of the recent hack attack will be supported through donations from the protocol’s treasury. The KyberSwap team aims to provide financial assistance to those affected by the hack and alleviate their losses. The statement emphasizes that they understand users’ concerns during this challenging period and provide assurance.

”We want to assure our users that we are standing by you during this challenging period and that we understand that until funds are recovered that users would continue to have concerns especially those in hardship due to the loss caused by the exploit.

As such and notwithstanding that KyberSwap Elastic is a decentralized and permissionless protocol under which users accept risk of use of KyberSwap Elastic and being liquidity providers, as stated in the Terms of Use, we are planning grants from the KyberSwap Treasury to users to ease the hardship from the loss caused by the exploit.”

Kyber Network

The KyberSwap team is committed to offering financial support to users who have suffered losses due to the hack, to mitigate their hardships. Details regarding the amount and specifics of the donations will be disclosed in the next two weeks.

Previous Article

Did Binance VIP Traders Know About the Binance & U.S. Deal in Advance?

Next Article

What Is PYTH Coin, What Is PYTH Network?

Related Posts