After 50 Million Breach KyberSwap Faces Hackers Shocking Demands

pThe individual claiming responsibility for the hack on KyberSwap a multichain decentralized exchange DEX aggregator has issued a set of astonishing demands through a transaction on the Ethereum blockchainppThe hacker selfidentified as Kyber Director is demanding complete executive control over the Kyber company and full authority over its governance mechanism KyberDAOppThe demands outlined by the hacker are unparalleled in the history of cryptocurrency breaches They include the surrender of all company assets both onchain and offchain encompassing shares equity tokens partnerships and intellectual property ppIn return the hacker proposes a comprehensive restructuring of Kyber They promise to transform it from the seventh most popular DEX into a new cryptographic projectppppNotably the hacker has offered to buy out executives at a fair valuation double the salaries of remaining employees and provide a 12month severance package for those who choose to leave ppToken holders and investors are assured their tokens will retain value and liquidity providers LPs are being offered a 50 rebate on recent lossesppThe hacker has set a deadline of Dec 10 for these demands to be met Otherwise the proposal will be withdrawnppOn Nov 23 KyberSwap fell victim 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 ppThe attacks epicenter was a wallet address that played a central role in receiving and redistributing the stolen fundsppThis breach resulted in a 90 plunge in KyberSwaps total value locked TVL from 85 million to a mere 8 millionppThe primary flaw was identified in the mint function of KyberSwaps new v2 reinvestment token which contained a loophole for reentrancy attacksppIn response Kyber Network urged users to withdraw their funds as a precaution and has since been working to mitigate future risksppAlex Dovbnya aka AlexMorris is a cryptocurrency expert trader and journalist with extensive experience of covering everything related to the burgeoning industry from price analysis to Blockchain disruption Alex authored more than 1000 stories for UToday CryptoComes and other fintech media outlets Hes particularly interested in regulatory trends around the globe that are shaping the future of digital assets can be contacted at alexdovbnyautodayppDisclaimer The opinions expressed here are not investment advice they are provided for informational purposes only The opinions expressed by our writers are their own and do not represent the views of UToday Every investment and all trading involves risk so you should always perform your own research prior to making decisions UToday is not liable for any financial losses incurred while trading cryptocurrencies We do not recommend investing money you cannot afford to losep