Here are some of the major crypto developments of the past few days
The Kyber Network team, a blockchain-based liquidity hub, has recovered $4.67 million from the $46 million hack that occurred on November 22 and 23. On November 26, Kyber said that they had been in contact with the operators of the frontrun bots that drained around $5.7 million from KyberSwap pools on Polygon and Avalanche.
According to a Nov. 25 on-chain post on the Polygon network, it was part of a bounty contract to repay 90% of the revenue across all exploits, with the hackers keeping the remaining 10%.
“The same bounty is offered to the owner of this wallet, and we can set aside the funds for the bounty to distribute directly to users and confirm that we will not pursue any legal action against the owner of this wallet.”
The monies returned to the KyberSwap deployer address on Polygon were wrapped tokens such as wrapped-Ether (wETH) and wrapped-MATIC (wMATIC), as well as USD Coin (USDC) and Tether (USDT).
In an X thread, Laurence Day, a former core contributor, detailed the efforts of the Indexed community in overcoming two hijacking attempts on the remaining treasury of the Indexed DAO.
Indexed Finance, an Ethereum-based project that was hacked for $16 million in 2021, has successfully resisted two takeover attempts. The decentralised autonomous organisation (DAO) of the project will be returned to its founders, who want to distribute the remaining treasury to victims of the 2021 hack.
Laurence Day, a former core contributor, highlighted the Indexed community's efforts in resisting two hijacking attempts on the Indexed DAO's remaining treasury in a discussion on X (previously Twitter). Both attackers obtained considerable amounts of the protocol's NDX token and used malicious proposals to gain control of the DAO's around $120,000 in digital asset holdings.
The initial plan, which lacked a title or description in an apparent attempt to escape detection, was blocked when Day and other community members rallied the Indexed DAO against it. Within an hour, the attacker's proposition was on the verge of being approved, but enough "No" votes were cast to prevent it from passing.
The proposal narrowly passed, with 41.1% of votes for and 38.5% of votes against.
Cosmos Hub's governing committee has approved a proposal to reduce the maximum inflation rate of its native token, Cosmos, from 14% to 10%.
The permitted amendment, according to the proposal, would cut ATOM's annualised staking yield from nearly 19% to around 13.4%. The Cosmos Hub is the major blockchain in the Cosmos network, which is a network of interconnected blockchains. ATOM is used for staking, governance, and transaction fees.
The idea was narrowly approved, with 41.1% in favour and 38.5% opposed. It was predicted to fail shortly before the deadline, but a late surge of votes and several validator reversals tipped the scales in favour.