KiloEx, a decentralized crypto exchange, has announced a hack that led to the theft of approximately $7.4 million. The platform is monitoring the hacker's activities and is prepared to take action if the funds are not returned.
Incident Overview
KiloEx was attacked on its platform, resulting in a loss of around $7.4 million. The breach was attributed to a vulnerability in its price oracle system. The company has since suspended operations and initiated cooperation with blockchain security firms as well as networks like BNB Chain and Manta Network.
KiloEx's Proposal to the Hacker
KiloEx offered the hacker a deal to return 90% of the stolen funds within 72 hours, providing a 10% bounty for cooperation. The platform emphasized that it is actively tracking the hacker's wallet addresses and is prepared to freeze the funds if necessary. "Our investigation, supported by law enforcement and cybersecurity agencies, has uncovered critical information about your activities," stated the KiloEx team.
Increasing Threat of Hacks in DeFi
As reported in the crypto news, the incident with KiloEx highlights the growing trend of attacks in the decentralized finance sector. In the first quarter of this year alone, $1.65 billion in losses from hacks have been recorded, marking a record high.
The KiloEx incident underscores the importance of cybersecurity in decentralized finance. The company's readiness to take measures to recover funds indicates the seriousness of the situation.
