On the verge of pocketing $4.8 million, the anon who exploited a weakness of the decentralized exchange (DEX) KyberSwap has refused the 10% bonus offered by Kyber. What does the KyberSwap hacker really want to achieve with the project? Quite simply, what he would like is total control of the Kyber company he promises to develop ! A look back at the strange demands of the hacker who managed to steal 48 million from KyberSwap...
The unique offer from the daring KyberSwap hacker until December 10
The decentralized exchange KyberSwap has been hacked resulting in the loss of $48 million on November 22. Rather than tracking down the perpetrator of this malicious computer attack, the team behind the KyberSwap resolved to negotiate with the hacker. The company Kyber made a tempting offer of a 10% bounty to induce the hacker to return the funds. This is hardly surprising in the crypto ecosystem. Recently, HTX exchange and the Stars Arena platform for example, offered a bonus to their hackers.
What is strange, however, is the attitude and response of the hacker from KyberSwap. Indeed, the hacker had initially declared that negotiations would begin when he was “completely rested”. It was only six days later that he reappeared to reply to Kyberswap. In a message consulted by our colleagues from The Block, the hacker from KyberSwap finally set the terms of negotiation.
Against all odds, the hacker notably rejected the 10% bounty and presented an offer containing four important demands:
- Full executive control of the company Kyber,
- Full “temporary” control over the project governance mechanism (KyberDAO) to enact legislative changes,
- Submission of all documents and information related to the formation, structure, operation, revenues of the company/protocol, profits, expenses, assets, liabilities, investors, salaries, etc.
- Surrender of all in-chain and out-of-chain company assets, including shares, equity, websites, servers, passwords, codes, social channels and all intellectual property.
The hacker stated that this offer was “unique and better” and that KyberSwap has until December 10 to respond. The offer will be revoked if this deadline is exceeded or if the hacker is contacted by agents, he threatens.
Ambitious promise from DEX KyberSwap hacker
The hacker of KyberSwap who wants to become the platform’s owner, has also made promises. If its demands are approved by the KyberSwap the hacker promises to develop the platform. Kyber will no longer be the seventh most popular decentralized exchange, but rather a brand new crypto project, he promises.
Under my management, Kyber will undergo a complete makeover. It will no longer be the 7th most popular DEX, but rather, an entirely new cryptographic project
On-chain message by Kyber’s hacker
The revolution that the hacker from KyberSwap will not prejudice any interest of the officers, employees, investors and liquidity providers of Kyber. Indeed, the hacker has promised to buy back the shares of the company’s directors at a fair valuation. The employees of Kyber will remain in their positions, with their salaries doubled. Those who wish to resign will receive a 12-month severance package with full benefits and help in finding a new career.
As for investors, they will benefit from the new regime because their tokens will no longer be worthless. Liquidity providers would not be forgotten either, according to the hacker. They would benefit from a 50% discount for their recent market-making activity (i.e. from market maker in English).
Conclusion
The KyberSwap hacker already imagines himself as the owner of Kyber. He even signed his latest post on blockchain as Kyber Director.
Kyber’s executives now face a dilemma. Should they hand over control of the company to the hacker so that users can get their money back? Or continue the hunt for a hacker who clearly has no qualms about sacrificing users by burning their assets? This duel could end badly, for either side.
What do you think Kyber’s current management will do?
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
