Decentralized crypto exchange KiloEx is taking action against a recent hack that targeted its platform, resulting in the theft of around $7.4 million. The exchange, backed by YZi Labs, has been working diligently to track the hacker’s wallets and recover the stolen funds.
The breach, which occurred due to a vulnerability in KiloEx’s price oracle system, has prompted the exchange to suspend its activities and collaborate with blockchain security firms and other networks to address the issue. KiloEx has also called on other protocols and platforms to blacklist the attacker’s wallet in an effort to prevent further harm.
In a bold move, KiloEx has directly addressed the hacker with a proposal to return 90% of the stolen funds within 72 hours. The exchange has offered a 10% bounty as a “whitehat bounty” for the hacker’s cooperation. However, if the hacker does not comply with the deadline, KiloEx has warned that they will escalate the investigation with law enforcement and cybersecurity partners, potentially exposing the hacker’s identity and activities to relevant authorities.
The hack on KiloEx is just one example of the increasing trend of attacks in the decentralized finance sector. In Q1 alone, nearly $1.65 billion has been reported as stolen in various crypto exploits, highlighting the need for heightened security measures within the industry.
As KiloEx continues to work towards recovering the stolen funds and holding the hacker accountable, the exchange remains committed to protecting its users and ensuring the security of its platform. By taking swift and decisive action, KiloEx is sending a clear message that hacking attempts will not go unpunished in the crypto space.