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KyberSwap Hack Takes a Bizarre Turn as Hacker Demands Surrender

The KyberSwap saga took a tumultuous turn on November 30, 2023, when the hacker behind the cyberattack escalated the drama by presenting a reconciliation proposal that left the crypto community astounded. In a bold move, the KyberSwap attacker communicated a series of audacious demands through a chain of addresses, significantly upping the stakes in this high-stakes cyber conflict.

Source: Etherscan

The hacker’s demands were unequivocal:

  1. Full control over the operations of Kyber Network.
  2. Temporary ownership and operational authority over KyberDAO’s governance mechanism to implement governance changes.
  3. Access to all information regarding Kyber’s formation, structure, operations, revenue, profits, expenses, assets, liabilities, investors, salaries, and other relevant factors.
  4. Surrender of all on-chain and off-chain assets of Kyber, encompassing stocks, ownership, tokens (KNC and non-KNC), partnerships, blogs, websites, servers, passwords, code, social media accounts, and any intellectual property of Kyber.

In exchange for compliance with these demands, the hacker proposed certain ‘benefits’:

  • A reasonable valuation of the company.
  • Doubling the current salaries of all employees, with a 12-month severance package for those choosing to leave.
  • A complete overhaul of Kyber under new management, transitioning it from a DEX to an entirely new cryptographic project.
  • Liquidity Providers (LPs) receiving a 50% rebate for recent market-making activities.

The hacker set a deadline for Kyber’s team to respond to this ‘treaty’ by December 10, stipulating that failure to comply would result in the agreement’s nullification, leaving the funds from the cyberattack firmly in the hacker’s possession.

Following the hacker’s ultimatum, Victor Tran, CEO of Kyber Network, initially dismissed the demands, emphasizing the team’s dedication to Kyber’s users. Tran pledged a response to the hacker’s message by December 1, yet as of now, no official statement has been issued.

The cyber breach on KyberSwap, which occurred on November 23, 2023, resulted in staggering losses of nearly $47 million. Despite efforts by the platform’s development team to investigate and rectify the situation, the absence of a response from the hacker led KyberSwap to threaten involving law enforcement and cybersecurity agencies.

The recent shocking agreement proposed by the hacker has thrown KyberSwap into uncertainty. The challenge lies in recovering the funds without conceding to the hacker’s demands, especially considering DeFi insurance provider Sherlock’s declaration of being unable to intervene due to Kyber’s lack of insurance coverage.

As the pressure mounts and the deadline approaches, the fate of KyberSwap and its team remains precarious, standing at the precipice of an unprecedented cyber conundrum.

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