In the latest update, KyberSwap has announced plans to offer treasury grants to victims of last week’s exploit that drained more than $46 million from the protocol.
The KyberSwap team stated that they plan to use Treasury funds to reimburse users who suffered the loss of assets in the Elastic liquidity pools exploit. The victims will be granted an amount equivalent to USD value of their loss at the time of exploit.
While the hacker proposed a settlement on November 30 and demanded to become Kyber Director, the KyberSwap team seems to have neglected the settlement offer and is going after the hacker.
“We reiterate our unwavering commitment and efforts to support law enforcement and cybersecurity on track-down of the exploiter and recovery of users’ funds taken from them,” said the KyberSwap team.
KyberSwap has recovered $4.7 million so far from the front-running bots that profited nearly $5.7 million following the exploit. It also announced a 10% bounty to the hacker in exchange for returning funds and avoiding any legal enforcement. The bounty offer, however, was not considered by the hacker.