News

Just In: KyberSwap Announces Treasury Grants for Hack Victims

KyberSwap has revealed plans to support victims of a $48.8M exploit with a grant program, reaffirming their commitment to DeFi security.
Just In: KyberSwap Announces Treasury Grants for Hack Victims

KyberSwap has revealed plans to offer financial support to affected users. The decentralized finance protocol suffered a substantial exploit on November 22, resulting in a loss of $48.8 million. In response, KyberSwap is setting up a grant program from its treasury to compensate those impacted by the incident.

Advertisement

Details of the Grant Program

The grants, intended to alleviate the financial strain on victims, will match the USD value of the assets lost during the hack. This initiative underscores KyberSwap’s commitment to its user base and the security of its platform. While the grant’s exact mechanism and criteria are still finalized, KyberSwap has pledged to release more information in two weeks.

 

Investigations into the exploit have revealed that the vulnerability lay in the tick interval boundaries of KyberSwap’s concentrated liquidity pools. This flaw allowed an attacker to artificially inflate the liquidity, leading to a significant drain of funds. 

Initially, the loss was estimated at $47 million, but further analysis confirmed the higher figure of $48.8 million. To recover the stolen assets, KyberSwap offered a 10% bounty to the perpetrator, a proposition that was met with unusual demands rather than acceptance.

Advertisement

KyberSwap’s Recovery Efforts

Interestingly, KyberSwap has successfully recovered $4.7 million of the stolen funds, which were separately taken by third-party MEV bots during the hack. This partial recovery and the proposed treasury grants reflect the platform’s proactive approach to addressing security breaches. Additionally, the incident has prompted a thorough review of KyberSwap’s security protocols, with the team committed to enhancing safeguards to prevent future exploits.

By offering treasury grants, this response to this crisis marks a notable effort in the decentralized finance community to maintain trust and support among its users following security breaches.

Read Also: Ripple CLO Spots ‘Troubling Pattern’ in SEC-Led Crypto Lawsuits

Advertisement

Share
Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

James Wynn Takes XRP Long Bet After Ripple Prime Announcement

Ripple's native cryptocurrency XRP is currently defying the crypto market downturn, gaining 5% today, and…

October 25, 2025
  • News

Nasdaq-Listed Bonk Holdings Makes First Major Purchase of $32M, Nears 3% of Total Supply

Bonk Holdings Inc. (BNKK) has made its first significant acquisition of $32 million worth of…

October 25, 2025
  • News

Binance-based Meme Coin GIGGLE Fund Shoots 145% on Exchange Listing News

Giggle Fund, the charity-focused meme coin on Binance Smart Chain (BSC), has surged a massive…

October 25, 2025
  • News

ASTER Gets Major Boost as Project Launches Token Buyback Program, Expert Predicts $10 Spike

ASTER has announced a token buyback program in a bid to stabilize token prices and…

October 25, 2025
  • News

Trump Picks SEC Crypto Counsel Michael Selig to Lead CFTC Amid Crypto Oversight Push

Michael Selig is the latest candidate who has been chosen by President Donald Trump to…

October 25, 2025
  • News

First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest

Institutional momentum in XRP is accelerating as the first U.S. spot XRP ETF ($XRPR) reached…

October 25, 2025