- December 28, 2023
- Posted by: [email protected]
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Victor Tran, the CEO of KyberSwap, has revealed the details of a key exploit that cost the platform $48 million. Despite facing these challenges, the company is committed to sustaining operations, compensating affected users, and implementing strategic measures for future growth.
Tran shared the difficult decision to reduce the workforce by 50%, a move driven by the need to adapt to the changing landscape while acknowledging the skills and dedication of the affected team members. “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 heartbreaking,” he explained.
To support the talented individuals affected by the reduction, KyberSwap has taken a proactive approach. The company created a database to connect former staff with opportunities in the rapidly expanding Web3 space. Tran appealed to other organizations to consider hiring these skilled professionals, recognizing their potential contributions to the broader tech ecosystem.
OxJume, an on-chain builder and former KyberSwap team member, shared plans to become an alumnus next month and expressed intentions to contribute to Solana (SOL) in the coming year, showcasing the resilience and adaptability of the talented workforce.
Despite the challenges posed by the Elastic exploit last month, KyberSwap remains steadfast in its commitment to development. The company has initiated the KyberSwap Elastic Exploit Treasury Grant Program to cover losses experienced by users during the exploit. The response from the community has been supportive as KyberSwap charts a path towards recovery.
KyberSwap has made strategic adjustments to its business operations, temporarily pausing liquidity protocol initiatives and KyberAI. However, core functions such as the aggregator and order limit features have seen increased emphasis, underscoring the company’s determination to maintain essential services.
Looking ahead, KyberSwap has outlined plans to sustain its platform by onboarding decentralized applications (dApps) through the Zap API. Additionally, the company will soon launch wallets, providing users with enhanced tools for seamless interaction with the platform.
The narrative of KyberSwap’s recovery underscores its resilience in the face of adversity. The recent drop in total value locked (TVL) from $80 million to $22.23 million following the exploit highlights the challenges the company has faced. Despite the setbacks, KyberSwap is navigating the complexities of the cryptocurrency space, emphasizing its commitment to both its platform and the broader decentralized finance (DeFi) ecosystem. The ongoing journey toward recovery is a testament to the company’s determination and adaptability in an ever-evolving industry.
