KyberSwap to Give $48M in Compensation to Hack Victims

Reading Time: < 1 minute

The team of decentralized exchange KyberSwap will be offering grants from their project funds to users who were affected by the $48.8 million hack in November.

Initial reports indicated that the Elastic Pools liquidity pool had suffered losses of approximately $47 million worth of cryptocurrencies.

According to KyberSwap, users had taken on the risks of using their decentralized protocol on their own. However, the team has decided to assist the victims.

“We intend to provide users with grants from the KyberSwap fund to help cover the losses incurred by the exploit,” the team stated.

The payments will be made based on the value of the funds at the time of withdrawal, with the amount not exceeding the US dollar value of the withdrawn funds.

The team is currently ironing out the details of the proposal and expects to release more information about the grants within two weeks. Previously, KyberSwap had issued a warning about fake compensation scams.