$48M KyberSwap Hacker Anoints Himself as New KyberSwap Director!

DeFi market maker KyberSwap users probably do not know if they must laugh or cry.

The hacker responsible for KyberSwap $48 million heist has put his conditions for the return of the stolen funds: taking over Kyberswap forever after!

After anointing himself as the new Kyberswap Director, he spouted in an on-chain message, well, rather unhinged demands.

Leaving the crypto community sitting on the fence, deciding if he is a delusional megalomaniac or a troll successfully biding his time while organizing his escape.

Since day one of Kyberswap exploit, the hacker promised to be like no other.

After racking up his mind-blowing $48 million jackpot, he left a rather dubious message that stated:

“Dear Kyberswap Developers, Employees, DAO members, and LPs, negotiations will start in a few hours when I am fully rested. Thank you.”

His ‘fully rested’ line made the crypto newspaper headlines, indicating that we could probably expect some form of quirky entertainment during the negotiations.

But most, if not all, hoped that true negotiations, resulting in the return of most of the funds by the hacker in exchange for a bounty, would take place.

As part of this approach, KyberSwap initially proposed a 10% bounty, with the expectation that the hacker would return the remaining 90% by November 25, which served as the final deadline, occurring 2 days after the hack.

November 25th came and went, but there was no sound or sign from the hacker.

Until November 30th.

When he left an on-chain message that would crush all hope for victims of ever seeing their funds back from the hacker.

His sole offer, with demands that must be met by December 10th, is to take ‘complete executive control’ over the KyberSwap company.

That would end in Kyberswap undergoing “a complete makeover,” which would transform “the 7th most popular DEX” into an “entirely new cryptographic project.”

To succeed in revamping KyberSwap, he obviously need full authority, and ownership of its governance mechanism, the KyberDAO, as well as all documents related to the company and its assets.

KyberSwap executives are invinted to take the door after being compensated at a fair valuation.

Opposedly Kyberswap employees will be over the moon after seeing their salaries doubles, and if they want to quit, well, our generous hackefactor will offer a 12-month severance with full benefits and assistance in transitioning to new careers.

How lovely and socially conscious is that?

The new King, sorry, Director of KyberSwap has requested that anyone refrain from contacting him outside of assisting with his ‘transition to leadership’ after agreeing to his ‘treaty.’

He can now be found at his new telegram handle: “@Kyber_Director,” to properly organize his crypto putsch.

Reading through this mocking and trolling “treaty” it’s no wonder that Kyberswap execs and users lost any hope of ever seeing their funds back through negociations.

One week later, Kyberswap hacker started laundering $4,5 million through crypto mixer Tornado Cash.

As of now, the KyberSwap team has successfully recovered $4.7 million after negotiations with the operators of front-running bots. These bots had extracted approximately $5.7 million in crypto from KyberSwap pools, retaining 10% as their incentive bounty.

KyberSwap has also initiated treasury grants to provide compensation for its hack victims. These grants will equate to the USD equivalent of the assets lost during the security breach, offering relief to the affected individuals.

Now, two questions are still to be answered:

• Will the self-proclaimed new KyberSwap director successfully evade justice and the police?
• Was the KyberSwap exploit only the beginning of an onslaught of hacks, marked by his dramatic flair, blessing the crypto space with both ruin and entertainment?

On this, only time will tell!

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