KyberSwap Commits to Compensating Users for $48 Million Hack

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KyberSwap, a decentralized exchange aggregator, has announced a grant program to compensate users who were affected by a recent exploit. The attack resulted in the loss of $48.8 million from the platform’s liquidity pools. In an effort to alleviate the losses, KyberSwap plans to extend a grant to each user who lost funds in the exploit. The grant will be equivalent to the USD value of the funds at the time they were drained from the liquidity pools. The platform aims to ease the hardship caused by the attack and will provide more details about the grant program in the coming weeks. KyberSwap is also collaborating with law enforcement and cybersecurity teams to identify the attacker and recover the stolen funds. The platform emphasizes that users accept risks according to the terms of service. This recent exploit follows a previous security breach in September 2022, where $265,000 was lost. KyberSwap supports 14 blockchains, including Ethereum, and had $7.17 million in total value locked as of December 1, 2023.

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