Hacker Demands Control Over Kyber Network Following $46 Million Hack
Kyber Network Has Until December 10 to Agree to Hacker’s Demands After $46 Million Hack.
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Kyber Network a decentralized exchange (DEX) protocol, faces a December 10 deadline to respond to a hacker’s ultimatum after a $46 million theft from its liquidity pools.
The hacker is seeking complete executive control over Kyber, temporary full authority over the governance mechanism (KyberDAO), access to all sensitive company information and assets, and the surrender of all on-chain and off-chain assets.
He asserts that acquiescing to these terms would be advantageous for all parties involved, including employees, investors, and liquidity providers (LPs). The hacker has set a December 10 deadline for Kyber to consent to the treaty, cautioning that any intervention by government agents related to the transactions on Kyber would void the agreement.
This development follows Kyber Network’s partial retrieval of $4.67 million from the $46 million stolen on November 22 and 23. The recovery process entailed negotiations with the operators of the front-run bots implicated in siphoning funds from KyberSwap pools on the Polygon and Avalanche networks.
Kyber Network is a DEX protocol designed for swift and secure token exchanges across various platforms and ecosystems. KyberSwap, powered by Kyber Network, facilitates token trading and liquidity provision. KyberDAO is a decentralized autonomous organization that oversees the operations of Kyber Network and its native token, KNC.