KyberSwap Temporarily Pauses Initiatives After Major Loss

KyberSwap Temporarily Halts Projects Amidst 54M Dollar Loss

KyberSwap CEO Victor Tran announced a 50% workforce reduction following a $54 million loss due to the Elastic exploit. They paused liquidity pool initiatives and Kyber AI temporarily. The exploit involved a hack demanding control and temporary ownership.

Despite the Treasury Grant Program's implementation covering user losses including stablecoin equivalents and vesting periods, KyberSwap made significant changes for sustainability.