KiloEx successfully recovered all stolen $7.5 million just four days after a hack, offering the hacker a reward for returning the funds.
Return of Stolen Funds
Following the hack on KiloEx that occurred on April 15, the platform confirmed on April 18 that all stolen funds have been returned. The hacker returned $7.5 million after KiloEx offered a $750,000 bounty, which is 10% of the stolen amount.
Legal Proceedings and Implications
KiloEx decided not to pursue legal action against the hacker, describing the return of funds as part of a formal agreement. The platform expressed its desire to resolve the matter 'fairly and transparently.'
DeFi Attacks and Security
This incident highlights ongoing security issues within the decentralized finance (DeFi) sector. The hacker manipulated price data through an oracle function to create false market information, yielding significant profits. Such actions raise questions about the security of DeFi protocols, as this is not the first case related to oracle manipulations.
The KiloEx case serves as a reminder of the critical need for cybersecurity in decentralized finance and the importance of enhancing protective measures against such attacks.
