Home Crypto KyberSwap Announces Treasury grants for hacking Victims

KyberSwap Announces Treasury grants for hacking Victims

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KyberSwap announced plans to provide financial assistance to users affected by the incident. On November 22, the decentralized finance protocol was subjected to a significant exploit, resulting in an estimated loss of $48,8 million. KyberSwap, in response, is establishing a grant program to compensate those affected by the incident.

Grant Program Details

The grants will match the USD amount of the assets stolen during the hack. This initiative underscores KyberSwap’s commitment to its user base and the security of its platform. While the grant’s exact mechanism and criteria are still finalized, KyberSwap has pledged to release more information in two weeks.

Investigations into the exploit have revealed that the vulnerability lay in the tick interval boundaries of KyberSwap’s concentrated liquidity pools. This flaw enabled an attacker to artificially increase the liquidity leading to a drain on funds. 

The loss was initially a monetary one. You can estimate the cost by clicking here KyberSwap offered a 10% bounty to the perpetrator in order to recover the stolen assets. But further analysis confirmed that it was actually $48.8million. KyberSwap, in an attempt to recover the assets stolen, offered a 10% reward for the perpetrator. This proposal was met by unusual demands, rather than…



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