Key takeaways:
- Kyber network’s hacker is pushing for absolute control over the Network’s executive functions.
- The demand extends to the surrender of all documents and information related to KyberSwap
In a shocking turn of events, the hacker behind the attack has contacted the Kyber Network team, hinting at a possible negotiation for what they refer to as a “potential treaty.” This incident comes on the heels of a $47 million exploit of KyberSwap, with the hacker issuing a message on the network expressing a willingness to engage in discussions.
On November 30, the KyberSwap hacker sent an on-chain message outlining their demands to all relevant parties. The hacker, self-identifying as the “Kyber Director,” is seeking control over the company, temporary full authority, and ownership of its governance mechanism, the KyberDAO. Additionally, the hacker is demanding access to all documents related to the company and control over all Kyber assets.
The hacker claims to have extended an olive branch for negotiation but received mostly threats and unfriendliness from the executive team. In response, the hacker has prepared a statement regarding the potential treaty, scheduled for release on November 30 at Noon UTC.
In a previous on-chain message after the initial exploit on November 23, the hacker mentioned that negotiations would commence after they were fully rested. The demands include complete executive control over Kyber and full authority over KyberDAO.
The hacker even pledged to double employees’ salaries under the new regime and assured a 12-month severance with full benefits for those who choose to leave. Furthermore, the hacker promised a complete makeover for Kyber, transforming it into an entirely new cryptographic project.
The hacker warned against involving authorities from any of the 206 sovereignties and provided a Telegram handle for potential dialogue. KyberSwap initially proposed a bounty deal, offering the hacker 90% of the funds from all exploits, but legal action loomed when immediate compliance didn’t occur.
KyberSwap’s team managed to recover $4.67 million from the exploit on November 26 by extracting funds from operators of front-running bots. The total funds exploited reached approximately $54.7 million, posing a significant setback for the cryptocurrency platform.
As Kyber Network grapples with the aftermath of this security breach, the cryptocurrency community watches closely for the outcome of the negotiations and the potential transformation promised by the hacker. The incident highlights the ongoing challenges and risks faced by decentralized exchanges, emphasizing the need for robust security measures and swift responses to mitigate the impact of such exploits.
