After the hack, Kyber Network has been trying to find the hackers to negotiate with them, but has not been able to so. 

Kyber Network CEO Tran Huy Vu has updated the latest information about the case on his Twitter (X) page, once again affirming that the startup will pay 100 percent of users’ losses.

The startup has also made changes in business operations. It has postponed new liquidity protocol initiatives and the KyberAI project.

Vu said that 50 percent of the workforce has been cut, saying that the last days were one of his biggest challenges.

Vu affirmed that laying off 50 percent of staff is a painful decision, because everyone not only has high skills but also has a strong commitment in developing DeFi (decentralized finance) and bringing tangible values to end users.

“Their unwavering dedication at difficult moments demonstrated their great character and passion for the industry (blockchain). Such talent and integrity are rare in such a fast-growing profit-oriented industry,” Vu wrote.

To support the staff who are going to leave, Kyber Network is creating a voluntary database to connect the staff and potential opportunities in Web3 space. Vu has suggested that the managers of other blockchain companies should think of hiring the talented workers.

Vu said that the core business of the startup as an aggregator and limit order provider is still running as usual. Kyber Network plans to develop ZAP API in the time to come.

Asked to comment about Kyber Network case, an official of the Authority for Information Security (AIS) said the incidents show risks in information security in startups and blockchain startups and DeFi service providers in particular.

Blockchain and DeFi are complex business fields, while the legal framework is not clear enough. Meanwhile, the field sets high requirements on information security to ensure the correctness of operations. All the activities are carried out based on smart contracts deployed on blockchain platforms; startups in the field are the targets of hackers’ attacks.

Deputy Chair of the Vietnam Blockchain Association Phan Duc Trung suggested that blockchain projects commit to guarantee investors’ assets in accordance with standards equivalent to that of traditional financial sector to build trust for users as well as increase responsibility for project owners.

Trong Dat