Kyber Network, a decentralized exchange (DEX), has announced a 50% reduction in its workforce following a major security breach. The company is taking this step as part of its efforts to rebuild after the exploit. In addition to downsizing, Kyber has temporarily halted its liquidity protocol initiatives and KyberAI to ensure sustainability. However, the core aggregator and limit order functions of the company remain fully operational.

Despite the challenges, Kyber Network is determined to continue existing and developing. The company has also revealed plans to launch the Zap API, a new service that will allow decentralized applications, crypto wallets, and other DeFi projects to bridge their users to liquidity protocols conveniently.

To support departing members in finding new career opportunities, Kyber Network is creating a voluntary database and linking them with peer projects in the industry. Last month, Kyber Network disclosed that its DEX, KyberSwap Elastic, was targeted in an attack, resulting in a confirmed loss of over $48 million in crypto assets.

The hacker behind the attack issued a series of demands, including taking control of the company’s operations and assuming temporary ownership of its governance mechanism, the KyberDAO. However, the Kyber team rejected these demands and pledged to compensate affected users through the KyberSwap Elastic Exploit Treasury Grant Program.

Kyber Network is also collaborating with authorities to identify the hacker and recover the stolen funds.