The decentralized exchange of Kiloex has confirmed that it has suspended its platform use and tracks stolen funds after suffering a $ 7.5 million exploitation.
Exploitation is enclosed, along with Platform use suspended and an investigation conducted, the kiloex team Says In an April 14 statement to X.
“The team immediately suspended the use of the platform and working with security partners to monitor the flow of funds,” Kiloex said.
“We review vector attacks and affected properties. We work with the ecosystem partners to monitor and recover funds where possible.”
Source: Kiloex
A big program and a full report on how the exploitation happened was also in works, according to Kiloex.
In a update, the Kiloex team Says It cooperates with the BNB chain, manta network, and cybersecurity firms SEAL-911, slowmist and sherlock in an effort that covers “multiple ecosystems.”
“Our investigation has confirmed that stolen property is currently being raised by ZKbridge and Meson,” Kiloex said.
“We are immediately trying to engage in both protocols to stop ongoing transactions and avoid additional losses.”
Kiloex Attacker exploits the issue of Oracle Oracle, says analysts
Cybersecurity firm peckshield Says In a post on April 14 on X the exploitation robbed $ 7.5 million in total, $ 3.3 million base, $ 3.1M OPBNB and $ 1M BSC.
The firm thought of exploitation is likely to be a “price oracle issue,” where information used by a wise contract to determine the price of a The asset is manipulated or inaccurateleads to exploitation.
“Our preliminary review of an exploitation of the transaction indicates an issue with the price of the oracle,” Peckshield said.
Source: Peckshield
“The hacker is taking advantage of it to create a new position with a pre -given ETH/USD price of 100 and then immediately closing the position with an enlarged ETH/USD price of 10000, netting the $ 3.12m income in a single transaction.”
Chaofan Shou, co-founder of blockchain analytics firm Fuzzland, is also weighed, Thinking Exploitation is likely because of a Price of oracle issue.
“Anyone can change Oracle’s kilogram price. They have proven that the caller must be a reliable forward, though, but not proven to pass the caller,” Shou said.
Shou added It was a “very simple weakness” when a user asked about the complexity of exploitation.
Source: Chaofan Shou
The news sent the native token of Kiloex, kilogram, Plunging More than 27% to trade at $ 0.03596, according to coingecko. It still dropped more than 78% from all times high $ 0.1648, reached it on March 27th.
Related: Mantra CEO says Om Token Recovery ‘Main Remembering’ but in the early stages
Kiloex was established in 2023 and was Backed Through Binance Labs, which is a lead investor and strategic partner.
This exploitation will come only days after the exchange announced A collaboration with Dubai based on the Web3 Venture Capitalist firm DWF Labs on April 13, which promised to expand the existence of the Kiloex market and accelerate growth.
On March 25th, the DWF Labs Launched a $ 250 million liquid fund To speed up the growth of mid-and large blockchain projects and drive a real-world adoption of web3 technologies.
