Ethereum

Token

Million

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
The individual claiming responsibility for the hack on KyberSwap, a multi-chain decentralized exchange (DEX) aggregator, has <a href="https://etherscan.io/tx/0x0479da9d6a3a29b294d6337630ea0a482e7ec7223f3b6e6d72442f6c450264d4">issued</a> a set of astonishing demands through a transaction on the Ethereum blockchain.
The hacker, self-identified as "Kyber Director," is demanding complete executive control over the Kyber company and full authority over its governance mechanism, KyberDAO.
<h2 id="hacker-s-unprecedented-ultimatum">Hacker's unprecedented ultimatum</h2>
The demands outlined by the hacker are unparalleled in the history of cryptocurrency breaches. They include the surrender of all company assets (both on-chain and off-chain), encompassing shares, equity, tokens, partnerships and intellectual property.&nbsp;
In return, the hacker proposes a comprehensive restructuring of Kyber. They promise to transform it from the seventh most popular DEX into a new cryptographic project.
Notably, the hacker has offered to buy out executives at a fair valuation, double the salaries of remaining employees and provide a 12-month severance package for those who choose to leave.&nbsp;
Token holders and investors are assured their tokens will retain value, and liquidity providers (LPs) are being offered a 50% rebate on recent losses.
The hacker has set a deadline of Dec. 10 for these demands to be met. Otherwise, the proposal will be withdrawn.
<h2 id="47-million-attack">$47 million attack&nbsp;</h2>
On Nov. 23, KyberSwap <a href="https://u.today/kyber-network-loses-almost-50-million-in-devastating-exploit">fell victim</a> to a smart contract reentrancy attack that led to the staggering loss of approximately $47 million across multiple networks, including Arbitrum, Optimism, Kyber Mainnet and Polygon.&nbsp;
The attack's epicenter was a wallet address that played a central role in receiving and redistributing the stolen funds.
This breach resulted in a 90% plunge in KyberSwap's total value locked (TVL) (from $85 million to a mere $8 million).
The primary flaw was identified in the mint function of KyberSwap's new v2 reinvestment token, which contained a loophole for reentrancy attacks.
In response, Kyber Network urged users to withdraw their funds as a precaution and has since been working to mitigate future risks.

After $50 Million Breach, KyberSwap Faces Hacker's Shocking Demands

Table of Contents

U_Today

Other articles published on Nov 30, 2023

Chainlink's Rise: Analyzing Its Potential to Break into the Top 10 Cryptos of 2023

SCORP Token: Unlocking Financial Freedom Through a Revolutionary Gaming Platform

Leading Inflation Data Followed by FED Has Been Announced! Here is the Reaction of Bitcoin and Do...

November sees Bitcoin soar 7%, topping year-to-date highs amid U.S. bullishness

Ether Price Thrives With 60% YTD, While NFTs Face a 45% YTD Downturn

Innovating for the Future: RARI Chain’s Promise of Guaranteed Creator Royalties

Join our free newsletter for daily crypto updates!