Decentralized finance platform Kyber Network is making significant changes to its operations following a major exploit that resulted in the loss of $46.5 million worth of digital assets. The exploit targeted KyberSwap and affected various cryptocurrencies, including Wrapped Ethereum, Lido-wrapped staked Ethereum, and Arbitrum. In response to the incident, Kyber Network has implemented the KyberSwap Elastic Exploit Treasury Grant Program to cover users’ losses. However, the company has also had to reduce its workforce by 50% as part of its efforts to recover from the exploit.

The CEO and founder of Kyber Network, Victor Tran, expressed his regret over the staff cuts, acknowledging the dedication and skills of the affected team members. The company has temporarily paused its liquidity protocol initiatives and KyberAI project to ensure a sustainable path forward. Despite the challenges faced, Kyber Network Crystal (KNC), the native token for Kyber Swap, has maintained a mostly sideways trading pattern since the exploit.