KyberSwap, a decentralized financial protocol, has been forced to reduce its workforce by half following a $48.8 million hack in November. The CEO, Victor Tran, expressed his sadness at having to let go of team members but assured that the company will build a “voluntary database” to help these employees find new positions in the Web3 industry.

In order to reduce capital spending, Kyber Network has temporarily halted its KYBERAI project and liquidity protocol activities. However, the CEO emphasized that KyberSwap’s Aggregator and Limit Order operations are still a part of the company’s primary business. Additionally, the company is working to compensate affected clients for the November exploit through its Treasury Grants Program, which aims to disburse funds by February 1, 2024.

Affected users of the KyberSwap exploit are estimated to have a reference value of almost $49 million, but they will only receive 60% of this amount. The company initially attempted to negotiate a reward agreement with the hacker, but the hacker insisted on total control over the business. The hacker even offered to purchase the business, but it seems that the Kyber team declined the offer.