On the end of December 1st (UTC +7), the Kyber Elastic development team stated that they were preparing contingency plans to compensate for users, investors, and individuals or organizations providing liquidity for this decentralized protocol in case negotiations with hackers fail to achieve desired results.
“Kyber Network is committed to fully supporting the legitimate losses incurred by users in the recent attack,” affirmed Mr. Tran Huy Vu, CEO of the Kyber ecosystem and directly overseeing the Kyber Elastic protocol.
Mr. Tran Huy Vu pledged to support 100% of users’ legitimate damages in the recent 47 million USD attack.
“The compensation methods and detailed terms are actively being formulated by Kyber Network to ensure the utmost protection of users’ rights. Negotiations with hackers and tracing plans are concurrently underway,” Mr. Vu added.
Mr. Phan Duc Trung, Vice Chairman of the Vietnam Blockchain Association (VBA), emphasized VBA’s strong support and high regard for this determination. “The action taken by the Kyber Elastic/Kyber Network development team is robust, contributing to reinforcing global confidence in their seriousness and that of web3 technology companies in Vietnam.”
Mr. Trung also noted that VBA will support and collaborate with the Kyber development team throughout the tracing process and the implementation of plans to address the situation until its resolution.
Mr. Phan Duc Trung said that the determination of the leaders of Kyber Elastic is not only meaningful to users of this protocol but also strengthens the trust of the world community in web3 technology companies in Vietnam.
“In addition to standing alongside Kyber, we hope the community will join in condemning individuals or organizations exploiting this incident to tarnish the image of Vietnamese people in the international community by spreading inaccurate information,” emphasized Mr. Phan Duc Trung.
Alongside acknowledging the seriousness of the Kyber Elastic development team, VBA’s representative hopes that those who exploited vulnerabilities will recognize this incident, enabling a unified voice during negotiations and the return of these funds to Kyber Elastic users.
Furthermore, according to Mr. Vu, VBA is the sole Vietnam entity that Kyber Network has engaged in detailed discussions regarding the attack. “Any other Vietnam partners claiming cooperation with Kyber Network regarding this attack are acting unilaterally.“