The team behind KyberSwap has announced that it will offer grants from the protocol’s coffers to victims of the recent exploit, with the aim of providing financial relief.
“As stated in the terms of use, we plan to provide grants from the KyberSwap treasury to users to ease the hardship of the loss caused by the exploit,” KyberSwap said. X.
Victims who lost money during the exploit will receive a grant from KyberSwap in an “amount up to the USD value of such funds at the time such funds were withdrawn from their respective liquidity pools,” the team added.
KyberSwap is still working out the details of the Treasury grants and will provide more information in the next two weeks.
The exploit
The Nov. 22 KyberSwap exploit arose from a vulnerability in the tick interval boundaries of the concentrated liquidity pools, which allowed an individual to artificially double liquidity and drain value.
KyberSwap confirmed that $48.8 million had been lost, slightly more than the $47 million worth of cryptocurrency that initially appeared to have been taken.
In a negotiation attempt, Kyber offered the hacker a 10% white hat bounty in exchange for returning the money. However, the hacker showed no interest in accepting the bounty and made other demands in a bizarre on-chain message, including asking for the team to have full control over the project.
The team separately recovered $4.7 million in funds taken during the hack, which had been separately captured by third-party MEV bots.
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
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