In a recent incident, the cryptocurrency exchange KiloEx was hacked, resulting in approximately $7.5 million being stolen. Binance played a crucial role in recovering much of these funds.
Overview of the Incident
Two weeks ago, the KiloEx platform experienced an exploitation of its price oracle mechanism. The hacker utilized Tornado Cash to obscure the source of funds and manipulated token prices, leading to data distortion.
Binance's Actions for Fund Recovery
Binance's security teams responded promptly, joining joint efforts within the ecosystem to combat the cyberattack. They blocked and traced addresses involved in the exploit.
Return of Stolen Funds
As a result, the hacker agreed to return 90% of the stolen funds in exchange for keeping 10% as a white-hack bounty. KiloEx attempted to negotiate with the exploiter and reported to law enforcement.
The KiloEx incident highlights the importance of swift response and cooperation in the cryptocurrency ecosystem to mitigate the consequences of cyberattacks.
