KyberSwap’s Hacker Threatens to Postpone Talks

KyberSwap’s Hackers keep sending it threat

The recent security breach at KyberSwap, a prominent decentralized exchange, has taken a dramatic turn. Following the theft of $47 million from KyberSwap’s liquidity pools, the anonymous hacker responsible has issued a warning, demanding a reduction in hostilities and threatening to delay negotiations.

The Escalating Situation

The Initial Breach

On November 23rd, KyberSwap suffered a significant security breach resulting in a loss of $47 million. This incident was a substantial hit to the decentralized finance (DeFi) community, underlining the persistent security challenges faced by platforms in this space

Recovery Efforts

In the aftermath, KyberSwap announced the recovery of a portion of the stolen funds, approximately $4.67 million. This recovery was facilitated through negotiations with operators of front-running bots that had extracted around $5.7 million in crypto from KyberSwap pools during the hack

Negotiations with the Hacker

Proposed Bounty Deal

Initially, KyberSwap proposed a bounty deal to the hacker, offering to let them keep 10% of the funds if they returned the remaining 90%. This offer was not immediately accepted by the hacker, leading KyberSwap to set a deadline for the return of the funds and subsequently involve law enforcement and cybersecurity experts

Hacker’s Demand for Amicable Negotiations

In a surprising turn of events, the hacker communicated through an on-chain message, expressing dissatisfaction with KyberSwap’s approach. They criticized the platform for threats, deadlines, and an overall unfriendly stance, despite their expressed willingness to engage in talks. The hacker has set a condition for presenting a treaty for the potential reimbursement of funds, demanding a cessation of hostilities from KyberSwap executives

The Implications for the Crypto Community

This situation highlights the complex challenges facing the DeFi sector, particularly around security breaches and the subsequent handling of negotiations with hackers. It raises questions about the best practices for DeFi platforms in dealing with such crises and the ethical implications of negotiating with cybercriminals.

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