Kyberswap Decides To Provide Financial Support To Users Affected By Hack Attack.

The grant provided by KyberSwap was initiated to alleviate the financial burden of the victims.

Following the attack on November 22, resulting in a loss of $48.8 million in the decentralized finance protocol, KyberSwap has decided to provide financial assistance to affected users. The protocol plans to offer this aid from its treasury to resolve the issue.

This grant initiated by KyberSwap aims to alleviate the financial burden of the affected individuals. The grant amount will be determined in the equivalent of US dollars and distributed to users accordingly.

Although all details are not yet finalized, the protocol has committed to providing additional information within two weeks.

Investigations into the security breach revealed that the issue originated from a problem in KyberSwap's concentrated liquidity pools. The hacker manipulated liquidity artificially, leading to the depletion of funds.

Initially reported as $47 million, the damage was later stated to be $48.8 million. KyberSwap offered a 10% reward to the culprit for the return of the stolen assets.

Interestingly, KyberSwap successfully recovered $4.7 million of the stolen funds, which were seized by third-party MEV bots. This grant move by the protocol demonstrates a proactive approach to security breaches and underscores the decentralized finance community's effort to maintain trust and support among users.