Kyber Network Implements Workforce Reduction and Explores New Initiatives Post-Security Breach

2023/12/26 18:38

In response to a substantial security breach in November, Kyber Network, led by CEO and co-founder Victor Tran, has announced a significant workforce reduction of 50% on December 24. This strategic move is part of the company's ongoing efforts to rebuild and ensure sustainability following the exploit.

Workforce Restructuring

The downsizing decision involves a temporary halt to Kyber's liquidity protocol initiatives and KyberAI, while the core aggregator and limit order functions remain fully operational. Despite recent challenges, Tran emphasizes the company's commitment to continued existence and development.

Introduction of Zap API

Kyber Network reveals plans to launch the Zap API, a novel service designed to enable decentralized applications, crypto wallets, and other DeFi projects to seamlessly connect their users to liquidity protocols.

Support for Departing Members

In a bid to support departing team members, Kyber Network is establishing a 'voluntary database.' This initiative aims to assist employees in finding new career opportunities and connecting them with peer projects within the industry.

Exploit and Response

Last month, Kyber Network disclosed that its decentralized exchange, KyberSwap Elastic, was targeted in an attack, resulting in a confirmed loss of over $48 million in crypto assets. The hacker issued demands, including full operational control, temporary ownership of KyberDAO, and access to financial details. Kyber Network, however, rejected these demands and pledged to compensate affected users through the KyberSwap Elastic Exploit Treasury Grant Program. The company is actively collaborating with authorities to identify the hacker and recover the stolen funds.

Looking Ahead

Despite the challenges posed by the security breach, Kyber Network is forging ahead with its commitment to innovation and resilience in the decentralized finance space.