KyberSwap Faced with Astonishing Ransom Demands
In a startling turn of events, the hacker responsible for the recent $48 million KyberSwap heist has issued unprecedented demands. They seek complete control over KyberSwap and the KyberDAO, along with comprehensive access to the company’s internal documents and assets.
Hacker’s On-Chain Ultimatum
The hacker, self-proclaimed “Kyber Director,” communicated through an on-chain transaction, demanding executive control over Kyber and temporary full authority over KyberDAO. This demand extends to all company information, including structure, revenue, and assets, and the forfeiture of all KyberSwap assets.
Community Response to the Hacker’s Bold Move
The crypto community has responded with a mix of bewilderment and concern. Experts like Mudit Gupta and Aave founder Stani Kulechov have noted the unusual nature of this hostile protocol takeover attempt. Gabriel Shapiro of Delphi Labs commented on the situation with a hint of irony, likening the hacker’s approach to that of a private equity takeover.
The Hacker’s Proposed Terms
The hacker’s vision for KyberSwap includes a complete overhaul of the platform, promising to turn the tokens from “worthless” to valuable. They propose to buy out the company’s executives at a fair valuation and offer lucrative severance packages to employees who choose to leave.
Incentives for Liquidity Providers
The hacker has also proposed rebates for liquidity providers (LPs), offering a 50% rebate on their recent market-making activities.
A deadline of December 10th has been set for the Kyber leadership to comply with these demands. Any contact from government agents regarding the hacker’s trades will void the agreement, according to the hacker’s message.
KyberSwap’s Challenging Predicament
KyberSwap’s management faces a difficult decision as the protocol’s total value locked has significantly decreased since the hack. The hacker’s demands put the company in a precarious position, challenging its ability to continue operations.
As of now, there has been no public response from KyberSwap or the hacker regarding the state of negotiations.
