Hacker Demands Control of Kyber Network in $48 Million Drain

One sentence summary – A hacker known as “Kyber Director” has drained $48 million from KyberSwap and is demanding complete control over the company, including its governance DAO and internal documentation, with a deadline of December 10 for a response from Kyber Network’s management.

At a glance

  • A hacker known as “Kyber Director” has drained $48 million from KyberSwap, a decentralized finance platform.
  • The hacker is demanding complete control over the company and its governance DAO.
  • The hacker is also asking for access to internal company documentation and the forfeiture of all assets under Kyber’s control.
  • If the demands are met, the hacker promises to become Kyber’s new leader and improve conditions for non-executive employees.
  • The management of Kyber Network has until December 10 to respond to the hacker’s offer.

The details

A hacker, self-identified as “Kyber Director,” has executed a $48 million drain of KyberSwap, a prominent decentralized finance (DeFi) platform.

In a bold move, the hacker is now demanding complete control over the company.

This demand was made through an open letter transmitted via an Ethereum transaction.

The letter outlines several demands.

These demands, if met, would grant the hacker executive control over Kyber Network.

The hacker also seeks authority over the company’s governance Decentralized Autonomous Organization (DAO).

They are demanding access to internal company documentation.

The hacker is also asking for the forfeiture of all assets currently under Kyber’s control.

In return, the hacker pledges to become Kyber’s new leader.

They propose buying out the current executives at a fair valuation.

The hacker promises to double the salaries of non-executive employees to ensure a smooth transition.

Those who choose to leave the company will be provided with a 12-month severance package along with full benefits.

The hacker claims that these measures will benefit both token holders and investors.

This suggests a positive outcome for all stakeholders involved.

Kyber Network is based in Singapore.

The company currently employs at least 117 individuals.

The management of Kyber Network has been given a deadline of December 10 to accept the hacker’s offer.

Failure to accept the offer by this date would result in the deal falling through.

This could potentially lead to an uncertain future for the company.

Decrypt, a prominent news outlet, reached out to both Kyber Network and the hacker for comment.

Neither party provided an immediate response.

This lack of response raises questions about the legitimacy and seriousness of the hacker’s demands.

Despite this, the hacker expresses a desire to see Kyber succeed.

They acknowledge its long-running status as a DeFi project.

The hacker responsible for the $48 million drain of KyberSwap has put forth a set of demands in an open letter.

The hacker seeks to gain control over Kyber Network, including its governance DAO and internal documentation.

The proposal also involves the forfeiture of assets under Kyber’s control.

The hacker promises improved conditions for non-executive employees.

They propose buying out current executives.

The management of Kyber Network has until December 10 to respond.

Decrypt’s attempts to obtain comments from both parties have remained unanswered.

This leaves the situation uncertain.

Article X-ray

Here are all the sources used to create this article:

A pixelated figure with a menacing expression holds a bag of money while standing in front of a computer screen displaying the Kyber Network logo.

This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

decrypt.co
– The hacker behind the $48 million drain of KyberSwap has demanded complete control of the company.
The hacker, known as “Kyber Director,” sent an open letter via an Ethereum transaction requesting the keys to the company.
The hacker’s demands include executive control over Kyber Network, authority over the company’s governance DAO, access to internal company documentation, and forfeiture of all assets under the company’s control.
In return, the hacker promises to become Kyber’s new leader and buy out current executives at a fair valuation.
– Non-executive employees would see their salaries doubled, and those who choose to leave will receive a 12-month severance with full benefits.
– Kyber Network currently has at least 117 employees and is based in Singapore.
The hacker claims that token holders and investors will benefit from the new regime.
– Kyber’s management has until December 10 to accept the hacker’s offer, or the deal will fall through.
– Decrypt reached out to both Kyber Network and the hacker for comment but did not receive an immediate response.
The hacker expressed a desire to see Kyber succeed and respects its status as a long-running DeFi project.

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