KiloEx Offers Hacker 10% Reward, 72 Hours to Return Stolen Funds
KiloEx, a decentralized crypto exchange, suffered a cross-chain attack, losing approximately $7.4 million due to a vulnerability in its price oracle system. The platform has suspended activities, collaborated with blockchain security firms to track stolen funds, and offered the hacker a 10% bounty to return 90% of the funds within 72 hours. If the hacker fails to comply, KiloEx will escalate the investigation with law enforcement and cybersecurity partners, potentially exposing the hacker's identity.
A cross-chain attack struck KiloEx, a decentralized crypto exchange, leading to roughly $7.4 million in losses. A hacker exploited a vulnerability in the platform’s price oracle system to execute the breach.
The platform has confirmed the breach and has suspended its activities to prevent further losses. KiloEx is working closely with blockchain security firms, including Seal-911, SlowMist, and Sherlock, as well as networks like BNB Chain and Manta Network, to track the stolen funds.
10% Reward Deal With Hacker
KiloEx has offered the hacker a deal to return 90% of the stolen funds within 72 hours in exchange for a 10% bounty.
KiloEx has set a deadline for the hacker to return the funds, warning that it will escalate the investigation with law enforcement and cybersecurity partners if they fail to comply.
The platform is tracking the hacker’s wallet addresses and is prepared to promptly freeze the stolen funds. KiloEx has also called on protocols and platforms to blacklist the attacker’s wallet to prevent further transactions.
The hacker is funneling the stolen funds through zkBridge and Meson, and KiloEx is working to prevent any further movement of the funds. The platform has warned the hacker that their identity and activities will be exposed to relevant authorities if they fail to comply.
This incident highlights the growing trend of attacks in the decentralized finance sector. Recent reports indicate that nearly $1.65 billion was stolen in Q1 alone, marking a record high in crypto exploits.
The breach significantly impacted KiloEx’s native token, KILO, causing a substantial decline in its value. The platform is currently working to resolve the issue and prevent further losses.
The incident’s outcome remains uncertain, but KiloEx’s swift action and cooperation with security firms and law enforcement agencies demonstrate their commitment to protecting users and assets.
Market Impact of KiloEx Hack
The KiloEx hack has sent shockwaves through the cryptocurrency market, with significant effects on the platform’s native token, KILO, and the broader decentralized finance (DeFi) sector.
The token plummeted over 27% following the breach, trading at $0.03596, a sharp decline from its all-time high of $0.1648 in late March. In addition, industry Analysts view KiloEx’s offer as a desperate attempt to mitigate losses.
