KyberSwap laid off 50% of workforce after $54m Elastic exploit
KyberSwap has reduced its workforce by 50% in response to challenges triggered by the Elastic exploit. In an X post on Dec. 25, KyberSwap CEO and co-founder, Victor Tran, announced that the project reduced its workforce by 50% due to the Elastic exploit , which resulted in a loss of more than $54 million of users’ funds. In the past month, KyberSwap has faced unprecedented challenges due to the Elastic exploit . Despite this, I am grateful to say that our core business, including the Aggregator and Limit Order functions, remains robust. Moreover, we will soon be launching our Zap API, an… — Victor Tran (@vutran54) December 25, 2023 Despite implementing the Treasury Grant Program, designed to cover up to 100% of users’ losses, KyberSwap found it necessary to make “significant changes” in its business operations to ensure a sustainable path forward. “Regrettably, we have also reduced our workforce by 50%. The past few days have been among the ...