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KyberSwap hacker demands full ownership of Kyber company in ransom demand

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The hacker demanded control of all Kyber company assets, both on-chain and off-chain, including shares, equity, and tokens.

Last week, the DEX KyberSwap was hacked for nearly $50 million, and administrators advised users to withdraw their funds as the exploiter plans to negotiate with the project regarding the stolen funds.

The hacker who stole $46 million from KyberSwap has revealed their conditions for returning the stolen funds, which include complete control over the Kyber company.

In a Nov. 30 on-chain message, the hacker who stole $46 million from KyberSwap laid out their demands, which include full control over the company, temporary ownership of the KyberDAO, access to all company documents, and ownership of all company assets.

The hacker offered to purchase the company at a fair valuation, promising to double the salaries of all employees, and those who wished to leave would be offered a one-year severance package with full benefits and assistance in finding new jobs.

In addition to the above, the hacker promised that token holders and investors will benefit from the transition and that their tokens will “no longer be worthless.”

“Is this not sweet enough? I’ll go further still. Under my management, Kyber will undergo a complete makeover. It will no longer be the 7th most popular DEX, but rather, an entirely new cryptographic project.”

The hacker acknowledged that the offered rebate is likely less than what liquidity providers wanted, but argued that it is fair compensation given the circumstances. They noted that liquidity providers take on risk when engaging in market-making activity, and therefore should not be entitled to full reimbursement of any losses incurred. They also acknowledged that the losses may be difficult for liquidity providers to stomach, but felt that the offer was reasonable given the circumstances.

The hacker stated that their offer was non-negotiable and that any attempts to renegotiate would be unsuccessful. They warned that if the Kyber team did not accept their demands by Dec. 10, they would not consider any further offers. In addition, they threatened to void the agreement if any third parties attempted to contact them about their actions on Kyber. The hacker’s tone was firm and uncompromising, making it clear that they controlled the situation.

 

Read also: SBI Holdings partners with Circle for USDC circulation and web3 services

 

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