Decentralized finance (DeFi) platform Kyber Network is cutting its workforce in half after a major exploit earlier this year, its CEO and founder said.
In November, KyberSwap operated $46.5 million in digital assets, including $20.78 million in Wrapped Ethereum (wETH), $9.53 million in Lido-wrapped staked Ethereum (wstETH), and $4.1 million in Layer-2 scaling solution Arbitrum (ARB).
Kyber Network CEO and Founder Victor Tran say social media platform
“However, due to the Elastic exploit, in an effort to assist affected users, we have implemented the KyberSwap Elastic Exploit Treasury Grant Program to cover up to 100% of users’ losses. We have also made significant changes to our business operations to ensure we are well positioned to continue on a sustainable path forward, including temporarily pausing our liquidity protocol initiatives and the KyberAI project.
Unfortunately, we have also reduced our workforce by 50%. The past few days have been some of the most challenging of my journey as an entrepreneur. The decision to say goodbye to so many of our team members was heartbreaking. Each individual is not only highly skilled, but also deeply committed to advancing DeFi and providing tangible value to end users. Their continued dedication during these difficult times has demonstrated great character and passion for the industry. Such talent and integrity are rare in our fast-paced, profit-driven industry.”
Kyber Network Crystal (KNC), the native token for Kyber Swap, has traded largely sideways since the exploit and is currently trading at $0.72 at the time of writing.
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Featured image: Shutterstock/Philipp Tur/Natalia Siiatovskaia