In the crypto world, you may encounter more interesting events every day. Today, another one occurred. Imagine a cyber attacker infiltrating your network and using your modem as if it were their own. And there’s nothing you can do. If central internet infrastructure companies weren’t providing this service, this story could have been true. In the crypto world, a different version is indeed happening.
KyberSwap Hacked
We had announced the attack as breaking news; the protocol had been drained across all networks in a very short time. The KyberSwap hacker released an on-chain message addressed to all parties on November 30th. The hacker published a long list of demands including control, temporary full authority, and ownership of the governance mechanism KyberDAO, all documents related to the company, and all assets of the Kyber corporation.
In return, the hacker offered to purchase the company at a fair value. After a share for the administrators, the protocol would completely pass under the attacker’s control. Furthermore, the hacker also proposed doubling the salaries of employees under the new management and offered a 12-month severance right for those who wanted to leave. They even promised to assist those wishing to leave in finding new jobs.
“Isn’t this sweet enough? I will go even further. Under my management, Kyber will undergo a complete transformation. It will no longer be the 7th most popular DEX, but a completely new cryptographic project.”
Those who can read the attacker’s message without laughing all the way are considered successful because the incident is a complete tragicomedy.
The Harsh Realities of Crypto
The harsh truth is that the attacker could turn this dream into reality. This example explains very well how decentralized structures can be taken over by malicious attackers and how administrations can change.
The hacker declared this to be the best and only offer. According to the exploiter, the Kyber team needs to meet the demands by December 10th. Otherwise, the “deal will be considered invalid” and the attacker will likely disappear with the assets.
But what if, after this deal is completed, the attacker turns out to be one of the known names in crypto? This event is so surprising that no one would be further shocked if a well-known figure was behind it.
- A cyber attacker’s unprecedented takeover proposal.
- Demands include full control and KyberDAO ownership.
- The crypto incident borders on tragicomedy.
