KyberSwap Hacker’s Unprecedented On-Chain Ransom: Demands Full Corporate Control

KyberSwap Swap

On 30.Nov, the self-proclaimed “Kyber Director,” who drained $48 million from KyberSwap articulated specific requisites, notably seeking complete dominion over Kyber’s corporate operations, ownership rights, and temporary control over the KyberDAO governance framework.

Additionally, the attacker demanded comprehensive disclosure of all data pertaining to Kyber’s establishment, organizational structure, activities, financial metrics, assets, obligations, investor details, salaries, and sundry relevant factors.

Among the hacker’s particular demands:

  • The surrender of complete executive control over Kyber Network, the company behind KyberSwap;
  • Full (“temporary”) authority over the company’s governance DAO;
  • Access to all internal company documentation pertaining to Kyber’s structure, revenue, operations, expenses, salaries, investors, assets, and liabilities;
  • Forfeiture of all assets under the company’s control, ranging from tokens, shares, and equity to creative and intellectual property in the form of social media channels, blogs, and websites.

In exchange for the substantial sum of compensation, the hacker has pledged to assume the role of Kyber’s new and ostensibly benevolent sovereign, intending to lead the company into a transformative era. Under this prospective regime, existing company executives would be ousted from their positions beyond the corporate perimeters, facilitating the advent of a new epoch.

“You will be wished well in your future endeavors,” the hacker wrote. “You haven’t done anything wrong. Simply bad luck.”

In a subsequent development, Victor Tran, CEO of Kyber, issued a response, pledging to furnish detailed information on the subsequent day.

This incident is adjudged to be one of the most intricate and cunning cyber intrusions in history. The assailant, by strategically embedding a negotiable message, conveyed dissatisfaction with the ongoing negotiation dynamics, citing aversion to the coercive tenor of the management team’s monetary demands.

DeFi insurance entity Sherlock expressed empathetic sentiments toward Kyber Network, underscoring the severity and intricacy of identifying vulnerabilities. Nevertheless, Sherlock clarified that Kyber had not enrolled in their insurance program, thus precluding any compensatory measures for the incident. Furthermore, Sherlock underscored that any potential indemnification would be inconsequential in comparison to the prevailing $54.7 million in damages.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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