{"id":67642,"date":"2023-12-25T18:21:26","date_gmt":"2023-12-25T22:21:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=67642"},"modified":"2023-12-25T18:22:24","modified_gmt":"2023-12-25T22:22:24","slug":"kyberswap-lays-off-50-of-workforce-after-54m-elastic-exploit","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/kyberswap-lays-off-50-of-workforce-after-54m-elastic-exploit\/","title":{"rendered":"KyberSwap Lays Off 50% of Workforce After $54m Elastic Exploit"},"content":{"rendered":"\n

KyberSwap made a 50% reduction in staff in reaction to issues brought on by the Elastic exploit<\/a>.<\/p>\n\n\n\n

\"KyberSwap
KyberSwap Lays Off 50% of Workforce After $54m Elastic Exploit<\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

\n

In the past month, KyberSwap has faced unprecedented challenges due to the Elastic exploit. Despite this, I am grateful to say that our core business, including the Aggregator and Limit Order functions, remains robust.

Moreover, we will soon be launching our Zap API, an\u2026<\/p>— Victor Tran (@vutran54) December 25, 2023\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/blockquote>

Even after putting in place the Treasury Grant Program<\/a>, 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:<\/p>\n\n\n\n

\n

“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”<\/p>\n<\/blockquote>\n\n\n\n

In addition to the layoffs, KyberSwap has temporarily halted the KyberAI project and its liquidity protocol activities<\/use><\/svg><\/span><\/a>. 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. <\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. […]<\/p>\n","protected":false},"author":43,"featured_media":67644,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2156,17686],"class_list":["post-67642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-exploit","tag-kyberswap-workforce"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/croc_1703540768099.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/67642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=67642"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/67642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/67644"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=67642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=67642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=67642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}