Kyber Network Cuts 50% Workforce Following $48 Million Exploit

Following a huge security breach in November, Victor Tran, CEO and co-founder of Kyber Network, announced a 50 per cent employment cut on December 24. The decision is part of the company's continuous efforts to reconstruct its post-exploit operations.

In addition to the difficult step of downsizing, Kyber has temporarily suspended its liquidity protocol activities and KyberAI to ensure long-term viability. The company's basic aggregator and limit order services, however, remain fully operating. Despite recent obstacles, Tran stated that the Kyber Network will continue to exist and grow.

Tran went on to say that Kyber Network is developing a 'volunteer database' to help departing members discover new job prospects and connect them with peer projects in the industry.

Kyber Network revealed last month that their decentralised exchange (DEX), KyberSwap Elastic, had been hit in an attack. This attack resulted in a confirmed loss of more than $48 million in cryptocurrency assets.