KyberSwap Theft: Hacker Seeks Unprecedented Authority for Recovery of $47 Million

The perpetrator who siphoned off $47 million from a decentralized exchange protocol (DEX) named KyberSwap has presented a remarkable demand. This hacker is requesting full authority over the company's operational decisions and governance structures, as well as complete access to all company data and resources. KyberSwap This unusual demand was conveyed through a direct message. Within this communication, the hacker laid out their stipulations, which involve taking over the project's governance framework and obtaining extensive insights into the company's functions and financial standing.

The hacker's demands not only include management control but also entail claiming ownership of all digital and physical assets, which range from shares and equity, various tokens, and the company's websites to servers, passwords, and every piece of intellectual property associated with the organization. an on-chain message In their correspondence, the hacker painted the takeover as a boon for KyberSwap’s investors and token holders, pledging to revamp the platform entirely. Their goal is to elevate KyberSwap beyond its current standing as the seventh most prominent DEX. KyberDAO Under the hacker's leadership, they envision transforming KyberSwap into a groundbreaking cryptocurrency venture. Moreover, they've proposed a 50% rebate to liquidity providers who experienced losses during this recent breach, describing this reimbursement as 'more than they deserve.'

They have set December 10 as the deadline for these demands, cautions that any engagement from law enforcement would void the agreement and eliminate any potential rebates. The hacker also alluded to an intention to avert a collapse of KyberSwap, a key player in the decentralized exchange sector. with KyberSwap .

Hacker’s On-Chain Promises

Reacting to this strange development, Victor Tran, one of KyberSwap's founders, reassured the community, stating he remains dedicated to the platform’s users and will provide further updates soon.

This incident occurred just a week after the initial exploit, which resulted in a loss of $47 million from KyberSwap’s Elastic Pools liquidity protocol. In response, the platform advised users to pull their funds and even offered a 10% bounty for leads that could help recover the stolen assets.

In a separate turn of events, the team managed to recover $4.7 million of the lost funds. It’s worth noting that the hacker has also been linked to a previous attack on Indexed Finance in 2021, which cost $16 million. DeFi protocols.

KyberSwap Team’s Response

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Nik is a seasoned analyst and writer at Metaverse Post, focusing on delivering forward-thinking perspectives within the dynamic world of technology, particularly in AI/ML, XR, VR, on-chain analytics, and blockchain development. His writing captivates and informs a wide-ranging audience, allowing them to stay ahead in the evolving tech landscape. With a Master’s degree in Economics and Management, Nik possesses a deep understanding of the interplay between business and emerging technologies.

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