Decentralized exchange KiloEx fell victim to a significant hack that resulted in approximately $7.5 million being stolen. The exchange confirmed the incident on April 15.
Details of the Breach
The incident occurred during Asian trading hours. According to security firm PeckShield, the stolen funds came from multiple blockchain networks: approximately $3.3 million from Base, $3.1 million from opBNB, and $1 million from BNB Smart Chain.
KiloEx's Response to the Incident
After the breach was detected, the KiloEx team suspended all operations to limit further losses. In their public statement, they indicated that they are collaborating with various security partners to identify the attacker and recover the stolen funds. The exchange also shared the hacker's wallet address, urging other platforms to blacklist it.
Causes of the Breach and Its Implications
Experts believe that the breach occurred due to manipulation of the platform's price oracle system. The attacker may have deceived the pricing mechanism, making millions in profit by opening a position at a manipulated price. One transaction reportedly earned the hacker $3.12 million by exploiting an inflated ETH/USD price.
KiloEx continues to investigate the incident, collaborating with BNB Chain, Manta Network, and various security teams. The platform also plans to introduce a bounty program for anyone who can provide information about the hack.
