Hacker Seeks Total Reign Over Kyber Network

December 4, 2023

KyberSwap attacker performed a series of exploitative swaps to withdraw users' funds.

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Matt & Vineet

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Last week, the DeFi sector was rocked by a massive $48 million heist targeting KyberSwap, a popular DEX.

The attacker performed a series of complex actions to conduct exploitative swaps, enabling the withdrawal of users’ funds into the attackers’ wallets

In a surprising turn of events, the hacker, now self-styled as the “Kyber Director,” has issued an audacious demand: full control over Kyber Network.

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Hacker's Demands

The hacker, through an on-chain message to all relevant parties by sending a transaction to Kyber: DAO Multisig Wallet, has outlined their demands:

Full executive control over Kyber Network.
Temporary authority over the company's governance DAO.
Access to all internal company documents, including financials, operations, and assets.
Complete surrender of company assets, ranging from tokens and equity to creative and intellectual property.

Kyber Network's leadership faces a deadline of December 10 to comply with these demands.

Failure to accept will result in the collapse of the treaty. Additionally, any government intervention will nullify the deal, with no redistribution of the stolen funds.

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If you want to read the message, go to Etherscan, click on “Show more” and select “UTF-8” in View Input As.

(That’s why Web3 is such an entertaining space. Only in this decentralized world, you could make such demands.)

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The Offer

In exchange for these demands, the hacker promises to usher in a new era for Kyber Network. Their plan includes:

Ousting the current executives, offering them a buyout at a "fair valuation."
Doubling the salaries of existing non-executive employees.
Providing a 12-month severance package with full benefits for those choosing to leave.

Kyber Network, based in Singapore, boasts a diverse team of over 100 employees. The KyberSwap protocol's value has significantly dropped from $86 million to just over $7 million in the wake of the attack.

The hacker assures that under their leadership, Kyber Network will transform from a popular DEX to a groundbreaking cryptographic project, potentially increasing the value of its tokens.

Both Kyber Network and the hacker have been tight-lipped about the ongoing negotiations.

The hacker’s final note underscores their desire not to see Kyber Network fail, highlighting respect for its legacy in the DeFi space.

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