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<a href="https://bitcoinworld.co.in/kyber-network-compensates-users-who-suffered-loss-in-kyberswap-elastic-incident/" title="Kyber Network Compensates Users Who Suffered Loss In KyberSwap Elastic Incident" rel="noopener noreferrer nofollow"></a>
Kyber Network has plans to compensate users who suffered losses in the recent KyberSwap Elastic incident, which <a href="https://twitter.com/KybcrNetwork/status/1728913240539975760" rel="noopener noreferrer nofollow">resulted</a> in approximately $48.8 million being drained from KyberSwap Elastic liquidity pools.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Due to the recent exploit, KyberSwap is issuing an <a href="https://twitter.com/search?q=%24KNC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$KNC</a> compensation distribution to all users
 Additional liquidity has also been added to process withdrawals
 All users who have interacted with KyberNetwork are eligible
 Check Eligibility <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/27a1.png" alt="➡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/xlP3jBuKth" rel="noopener noreferrer nofollow">https://t.co/xlP3jBuKth</a> <a href="https://t.co/7hNliMXlzr" rel="noopener noreferrer nofollow">pic.twitter.com/7hNliMXlzr</a>
 — Kyber Network (@KybcrNetwork) <a href="https://twitter.com/KybcrNetwork/status/1728913240539975760?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 26, 2023</a>
</blockquote>
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The incident took place on November 22, 2023, when an attacker manipulated the KyberSwap Elastic smart contract through a series of complex operations.&nbsp;
KyberSwap has expressed its commitment to collaborate with law enforcement and cybersecurity experts to track down the exploiter and facilitate the recovery of funds for affected users.
Read Also: <a class="row-title" href="https://bitcoinworld.co.in/hacked-kyberswap-offers-50-million-reward-to-hackers-to-return-stolen-fund/" aria-label="“Hacked KyberSwap Offers $50 Million Reward To Hackers To Return Stolen Fund” (Edit)" rel="noopener noreferrer nofollow">Hacked KyberSwap Offers $50 Million Reward To Hackers To Return Stolen Fund</a>
Kyber Network is developing a plan to extend grants from the KyberSwap Treasury to affected users to alleviate their financial strain.&nbsp;
The proposed plan involves offering a grant to each user who lost funds in the exploit and whose funds have not been recovered, equivalent to the USD value of their drained funds at the time of the incident.&nbsp;
The details of this Treasury grant are currently under careful consideration, with Kyber Network committed to providing further information within the next two weeks.&nbsp;
It was reported that the KyberSwap hacker is now demanding full control of the company after negotiations did not go smoothly.
The post <a href="https://bitcoinworld.co.in/kyber-network-compensates-users-who-suffered-loss-in-kyberswap-elastic-incident/" rel="noopener noreferrer nofollow">Kyber Network Compensates Users Who Suffered Loss In KyberSwap Elastic Incident</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Kyber Network Compensates Users Who Suffered Loss In KyberSwap Elastic Incident

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