Kyber Network CEO: Significant adjustments have been made to business operations, and 50% of the workforce has been laid off

2023-12-25 14:06:31

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ChainCatcher news, Kyber Network CEO Victor Tran stated on social media that KyberSwap has faced significant challenges due to the Elastic exploit over the past month, but its core business, including the aggregator and limit order features, remains robust. Tran announced the upcoming launch of the Zap API, an innovative development that will make it the most convenient gateway for dApps, wallets, and other projects to access DeFi liquidity protocols.

To support users affected by the Elastic vulnerability, Kyber Network has implemented a vulnerability financial aid program to compensate users for up to 100% of their losses. Additionally, significant adjustments have been made to business operations, including the temporary suspension of the liquidity protocol program and the KyberAI project. Kyber Network has also laid off 50% of its staff and is creating a voluntary database to connect laid-off employees with potential opportunities in the Web3 space.

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