KiloEx Hacked $7M Exploiting Multiple Blockchains

KiloEx, a perpetual trading platform, was recently targeted by a hacker who exploited vulnerabilities across multiple blockchains, resulting in the theft of approximately $7 million. The attack, which occurred just hours ago, involved the use of an address funded by Tornado Cash and affected the BNB, Base, and Taiko chains. The platform is currently investigating the issue, and the attack is still ongoing.

The blockchain security system Cyvers identified the exploit that caused the platform to issue a warning to the community. All suspicious transactions administered by the Tornado Cash address occurred within the hacker’s targeted blockchain networks. The potential bug in the price oracle exists due to faulty access controls. KiloEx took immediate action to suspend its services after the attack, aiming to prevent further damage. A subsequent statement from KiloEx declared that the security team worked with their security partners to track the movement of the hacked funds. The platform’s management team announced plans to introduce a reward system to motivate people to retrieve the stolen resources. Their team declared the issuance of a thorough incident report in the upcoming days.

Many KiloEx users stored their assets within the KiloEx Vault, which experienced a direct impact from the exploit. KiloEx requested prompt action from all partner protocols and platforms to include this address on their blacklist system to deter additional malicious operations. Cutting off transactions with stolen assets stands as an essential measure to halt any potential future misuse of the funds by the attacker.

The incident remains active, although the exploit has been taken under control. KiloEx collaborates with their partners in the ecosystem as they follow the stolen funds’ path and make recovery attempts when feasible. KiloEx team members study the path through which the attack occurred while they examine the objects that fell under its influence. This active investigation maintains critical relevance in determining every facet of the attack to minimize further incidents.

The KiloEx team discovered that the attacker may have utilized stolen funds in ways that could result in USDC blacklisting. The team is actively supervising this risk and conducts work to resolve the current challenge. Security investigations on the platform will persist to discover new system vulnerabilities, which will allow for improved security measures in upcoming periods.

In light of the attack, KiloEx has committed to delivering a comprehensive report about this incident to its user base. Users will access a comprehensive document that details the sequence of actions that created the breach and updates on recovery progress together with valuable information about the situation. The platform is working with determination to solve this matter while requesting members of the community to stay patient.

The KiloEx hack displays the dangers cryptocurrency users face regarding their funds when processing decentralized finance transactions. The security breach of KiloEx Vault reveals important weaknesses in blockchain-based finance systems and their ability to safeguard user cryptocurrencies. The platform team actively tracks stolen funds and works to apprehend the attacker as they perform all necessary measures. They maintain a commitment to collaborating with essential parties to recover stolen funds as well as to stop future data breaches.

The ongoing exploit continues to impair the platform’s stability while security details remain unstable. Users need to stay updated about the hack and recovery news provided by KiloEx to make sure they understand the most recent developments.