In an ambitious on-chain message, the hacker laid out his vision for transforming KyberSwap. They are promising to overhaul the entire platform, something that will elevate it from its current position as the 7th most popular decentralized exchange (DEX) to a groundbreaking cryptographic project. They claim that liquidity providers will get their rewards for their market-making efforts.

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While some people view the hacker’s demands as a desperate attempt to legitimize their actions, others are concerned that this sets a dangerous precedent for the future of decentralized finance (DeFi). There are doubts about claims that the hacker has a better plan than the current management of the platform, and the threat of invalidating the “agreement” if any legal action is taken has raised concerns about the hacker’s intentions.

The KyberSwap team has yet to respond to the hacker’s demands, but the pressure is mounting. The deadline of December 10th is approaching and the fate of KyberSwap remains uncertain. Even while the hacker holds the stolen funds, and has the power to disrupt the platform’s operations.

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The hacker’s latest message came in response to the reward deal initially suggested by KyberSwap. Under that agreement, the hacker would return 90% of the stolen funds and keep the remaining 10%. However, KyberSwap responded with the threat of legal action if the attacker did not comply immediately.

Undeterred by KyberSwap’s threats, the hacker continued to challenge, stating they would be willing to negotiate if treated with respect. The attacker proposed a new deal with KyberSwap to be announced on November 30th, but cautioned it would not be published if the hostility continued.

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This latest development sent shockwaves through the cryptocurrency community as the fate of the stolen funds remained up in the air. The hacker’s demands for a more civil negotiation tone may signal a desire to reach a friendly resolution, but insistence on legal action by the KyberSwap team could escalate the situation further.

As negotiations continue, the cryptocurrency community watches with bated breath, hoping for a solution that will see the stolen funds returned to their rightful owners. However, as both sides continue to stand their ground, the outcome remains uncertain.

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On November 23, KyberSwap warned its users that the liquidity solution KyberSwap Elastic had been compromised and recommended they withdraw their funds. The attacker seized approximately $20 million in Wrapped Ether (wETH), $7 million in Wrapped Lido-staked Ether (wstETH), and $4 million in Arbitrum (ARB) on November 22.

The hacker transferred the loot across various chains, including Arbitrum, Optimism, Ethereum, Polygon, and Base.

After concealing the stolen funds, the hacker wrote a message on-chain addressed to KbyerSwap developers, employees, DAO members, and LPs, stating, “Negotiations will begin once I have fully rested in a few hours.”

After both parties remained silent for a day, KyberSwap responded to the hacker by demanding the return of 90% of the stolen funds.

The team acknowledged what the hacker had done and stated, “On the table, there is a reward equivalent to 10% of the funds taken from the users by your hack, for the safe return of all users’ funds. But we both know how these things work, so let’s get to the point so you and these users can get on with your lives.”

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