A recent cyber attack on KiloEx resulted in the theft of millions in cryptocurrency. Quick intervention led to the recovery of $6.1 million out of $7.5 million stolen.
KiloEx Crypto Theft
Under the leadership of Binance CEO Richard Teng, immediate actions were taken following the discovery of vulnerabilities post-attack. The company’s advanced security infrastructure played a significant role in closing escape routes used by hackers.
Security Measures at KiloEx
In response to the attack, KiloEx has begun developing a compensation plan to address user grievances. While implementing solutions to cover losses induced by hacking, the platform temporarily suspended its operations.
Results of Cooperative Efforts
The coordination between Binance and KiloEx is viewed as a crucial step in asset recovery. Collaboration with law enforcement and cybersecurity experts has aided in mitigating the effects of the attack.
The actions taken by Binance and KiloEx highlighted the importance of collaboration in the face of cyber threats, contributing to enhanced security measures going forward.
