According to CryptoPotato, the Kyber Network DeFi platform experienced a hack last month, resulting in the loss of $46 million worth of assets, primarily in DAI, WETH, and ARB. The hacker, who described their actions in a humorous tone, offered to buy out the platform at a fair valuation, but the proposal was rejected. So far, attempts to recover the stolen funds have been unsuccessful, forcing Kyber Network to reimburse users out of pocket.
To provide refunds, Kyber has implemented extreme cost-cutting measures. On December 20th, Victor Tran announced that users would be reimbursed for up to 100% of their stolen funds. However, on Christmas Day, the CEO revealed that development on the platform's liquidity protocol initiatives and KyberAI would be temporarily halted. Additionally, the company has reduced its workforce by 50%. Tran has promised to set up resources to help former Kyber employees find new jobs in the sector and hopes that other crypto platforms with more cash will hire the talent he used to employ.