The KyberSwap hack has been well-known throughout the cryptocurrency industry for several days, and the hackers’ shocking demands have caught the attention of investors. The hackers behind the $46 million KyberSwap exploit have proposed an unusual deal, seeking full control of the Kyber company.
These unprecedented demands shocked the cryptocurrency community, leaving many to question the hackers’ motivations and the implications for KyberSwap’s future. While some see the hacker as an opportunistic cybercriminal seeking personal gain, others perceive him as a potential savior aiming to restructure and revitalize the company.
Hacker’s Promise
To further complicate matters, the hackers made some attractive promises along with their broad demands. They promised to buy out the company’s management at fair valuation, double employee salaries under the new regime, and provide rebates to liquidity providers for recent market-making activities.
These promises, if delivered, could potentially appease disgruntled employees and liquidity providers and portray the hackers as benevolent figures seeking to improve KyberSwap’s fortunes. But the notion of hackers wielding absolute control over cryptocurrency companies raises concerns about transparency, accountability and the potential for future misconduct.
Response from KyberSwap
KyberSwap has yet to publicly respond to the hackers’ demands, leaving the community in uncertainty. The company faces difficult decisions as it weighs the potential benefits of regaining control of stolen funds with the risks of handing over the reins to an individual with a questionable track record.
The hackers’ demands, described in on-chain messages, also include temporary full permission to manage and own the company’s governance mechanism, KyberDAO, as well as all documents related to Kyber and all assets.
The hacker warned that if the Kyber team did not meet the requirements by December 10, the contract would be void.
Regardless of the outcome, the KyberSwap exploit is seriously disruptive to your company. This attack damaged Khyber’s reputation and could have a lasting impact on its business.