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In the cryptocurrency markets, we see large-scale attacks worth millions of dollars every day. The latest attack occurred recently, where the KyberSwap attacker almost emptied the protocol and demanded complete control over the existing management. Moreover, they announced that they would make payments and provide employees with salary increases and compensation. The good news expected in the KyberSwap incident has finally arrived.
KyberSwap Attack
We had seen that the decentralized finance (DeFi) protocol, which was hacked on November 22, suffered losses of nearly $50 million. The team has now announced that it will provide financial assistance to the affected users of the attack. For this purpose, KyberSwap is launching a grant program financed by its own treasury to compensate those who were negatively affected by the incident.
The stolen assets of the victims will be reimbursed on a one-to-one basis within the scope of the grant program. This move is a step taken by KyberSwap to demonstrate its commitment to the user community and platform security, and it had to do something like this to keep its long-term future bright.
During the hack, KyberSwap managed to recover $4.7 million earned through profitable transactions by third-party MEV bots. In the recent announcement, the team wrote the following:
“We know that our users, especially those who have been affected by the loss caused by the exploitation, continue to worry despite accepting the risks of using the protocol during this challenging period.
Therefore, although users are using the protocol by accepting the risks, we will offer them a grant program. Our current plan is to provide a grant from the KyberSwap Treasury to each user up to the balance they lost in their liquidity pools. The reimbursement for the stolen crypto assets will be equal to their value at the time of the attack.
We are working on the details of the proposed treasury grant and will provide more information in the next two weeks.”
KNC Coin Analysis
While other cryptocurrencies were targeting new highs during the recent crypto rally, the price of KNC Coin had risen to $0.9. However, with the attacker emptying the protocol, the price also declined. Falling from $0.8 to $0.678 this week, the price could gradually recover if the grant announcement is not delayed further.
In the short term, closing below the $0.7 support level could result in a decline to $0.653 and $0.627.
- Following a recent attack on KyberSwap, the protocol is launching a grant program to compensate affected users.
- The stolen assets will be reimbursed on a one-to-one basis, showcasing KyberSwap’s commitment to its user community.
- KNC Coin’s price may gradually recover if the grant announcement is not delayed further.
