KyberSwap Lays Off 50% of Workforce After $54m Elastic Exploit
KyberSwap made a 50% reduction in staff in reaction to issues brought on by the Elastic exploit.
Victor Tran, the CEO and co-founder of KyberSwap, said in an X post on December 25 that the Elastic hack caused the project to cut 50% of its staff and lose more than $54 million in customer payments.
Even after putting in place the Treasury Grant Program, which pays up to 100% of customers' losses, KyberSwap discovered that to guarantee a viable future, it was imperative to make “significant changes” to its business practices. Victor Tran stated:
“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”
In addition to the layoffs, KyberSwap has temporarily halted the KyberAI project and its liquidity protocol activities. This is in relation to each address for Treasury Grants, the Treasury Grant Program provides eligible impacted users with a range of alternatives, including stablecoin equivalents and vesting periods.
Options with three or twelve-month vesting periods, representing 60% or 100% of the reference value of the impacted assets, are available to users. As an alternative, users can choose to opt out.
