KiloEx DEX Halted After $7.5 Million Exploit

Decentralized exchange KiloEx, operating on BNB Chain, opBNB, and Manta Network, has suspended operations following a $7.5 million exploit. The exploit is attributed to a vulnerability in the price oracle.

Cybersecurity firm PeckShield confirmed that the exploit involved manipulating Ethereum prices. The attacker initially set the ETH/USD price at $100 and closed positions at $10,000, netting a $3.12 million profit in a single transaction. The total losses include $3.3 million in Base blockchain tokens, $3.1 million in opBNB tokens, and $1 million in Binance Smart Chain tokens.

KiloEx, launched in 2023 and backed by Binance Labs, is collaborating with security partners to trace the stolen funds. The exchange has offered the hacker(s) the opportunity to return 90% of the stolen crypto to avoid legal action. KiloEx is preparing a detailed report on the incident and has urged users to block the attacker's wallet address: 0x00fac92881556a90fdb19eae9f23640b95b4bcbd. The platform has suspended usage while the investigation is underway.

Following the exploit, the KILO token saw a swift selloff. The KILO token plummeted by 30%, with its market capitalization dropping from $11 million to $7.5 million within hours of the attack.