<\/p>\n
Amid efforts to reclaim over $46 million in stolen assets, DeFi platform Kyber Network has received a stunning ultimatum: forfeit total control of both the company and protocol, and all stakeholders will be made whole.<\/p>\n
Via-on chain messaging on Thursday, the platform\u2019s anonymous hacker demanded \u201ccomplete executive control over Kyber,\u201d alongside temporary ownership and control of its governance mechanism, KyberDAO, to enact governance changes at will.<\/p>\n
To that end, he also requires all documents and information related to Kyber, including details about the company and protocol\u2019s origins, its structure, its investors, and its balance sheet.<\/p>\n
\n\u201cThis is my best offer. This is my only offer,\u201c wrote<\/a> the hacker, referring to himself as the \u2018Kyber Director\u2019.<\/p>\n<\/blockquote>\n
Under the new arrangement, the culprit still has no plan to directly return any funds.<\/p>\n
In fact, he has also demanded the full forfeiture of Kyber\u2019s on-chain and off-chain assets, including \u201cshares, equity, tokens, partnerships, blogs, websites, servers, passwords, code, social channels, and all creative and intellectual property of Kyber.\u201d<\/p>\n
Instead, the hacker\u2019s compensation includes buying out Kyber\u2019s executives at \u201cfair valuation\u201d with a good natured farewell. \u201cYou haven\u2019t done anything wrong,\u201d he said, noting that their failure was \u201csimply bad luck.\u201d<\/p>\n
The company\u2019s employees received an even better offer, including doubled salaries and 12-months severance pay for anyone who still wanted to leave the firm. Meanwhile, holders of Kyber\u2019s governance token, KNC, have merely been promised that their investments will \u201cno longer be worthless.\u201d<\/p>\n
Finally, Kyber\u2019s liquidity providers have been offered a 50% rebate on the losses they\u2019ve incurred since the hack during their market-making activity. \u201cI know this is probably less than what you wanted. However, it is also more than you deserve,\u201d the hacker wrote.<\/p>\n
Keeping Kyber Alive<\/h2>\n
Kyber\u2019s executives have been given until December 10 to accept the offer before it expires. Under his leadership, the hacker claims Kyber will evolve from the \u201c7th most popular DEX\u201d into \u201can entirely new cryptographic project.\u201d<\/p>\n
\n\u201cKyber is one of the original and longest-running DeFi protocols,\u201d he concluded. \u201cNo one wants to see it go under.\u201d<\/p>\n<\/blockquote>\n
Kyber was first hacked on November 22 for various tokens including Wrapped ETH (WETH) Arbitrum (ARB), DAI, and others.<\/p>\n
Ever since, he has repeatedly taunted Kyber\u2019s executives through on-chain messaging, providing exact details<\/a> on how he executed his hack, and demanding<\/a> that his counterparties be more respectful.<\/p>\n
Kyber retrieved<\/a> a small portion of its losses from bot operators earlier this week. Nevertheless, its TVL remains at just $7.6 million, compared to $86 million before the hack.<\/p>\n
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Amid efforts to reclaim over $46 million in stolen assets, DeFi platform Kyber Network has received a stunning ultimatum: forfeit total control of both the company and protocol, and all stakeholders will be made whole. Via-on chain messaging on Thursday, the platform\u2019s anonymous hacker demanded \u201ccomplete executive control over Kyber,\u201d alongside temporary ownership and control […]<\/p>\n","protected":false},"author":2,"featured_media":203903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-203902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=203902"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203902\/revisions"}],"predecessor-version":[{"id":203909,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/203902\/revisions\/203909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/203903"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=203902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=203902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=203902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}