Due to the recent hack of the KyberSwap protocol, resulting in a loss of 50 million dollars, KyberNetwork, known as a decentralized exchange and the developer of KyberSwap, was forced to lay off half of its staff. Victor Tran, the CEO and co-founder of KyberNetwork, expressed regret over the need to dismiss dedicated and talented employees who have significantly contributed to the development of the DeFi industry.

To support the laid-off employees, KyberSwap created a special database, urging other companies in the Web3 sector to consider collaborating with these specialists. Despite the withdrawal of assets from the Elastic platform's liquidity pools, KyberNetwork continues to operate stably and plans to launch a new API Zap solution to expand access to DeFi liquidity protocols.

The company also announced the KyberSwap Elastic Exploit program, which will cover up to 100% of the losses suffered by users. However, due to the hack, KyberSwap has temporarily suspended initiatives related to the liquidity protocol and the KyberAI project.

Previously, KyberSwap offered the hacker, who breached the platform, 10% of the stolen funds as a reward, but the perpetrator refused to settle the matter peacefully, demanding full control over the platform and access to bank accounts. This is not the first hacking incident for KyberSwap: last year, Binance helped identify hackers who stole $265,000 from the protocol.