The Coin Rise 2025-04-15 13:35:14

KiloEX Halts Trading After $7.5M Exploit, Traces Funds

Decentralized exchange KiloEX has recently confirmed a security breach that drained over $7.5 million from its platform. The incident, which was acknowledged by the KiloEX team on April 14, has prompted an immediate halt to trading activities while forensic efforts are underway to recover the stolen funds . KiloEX Suspends Operations as Investigations Intensify “The team has immediately suspended platform usage and is working with security partners to trace the flow of funds,” KiloEX said in a post on X. The exchange also revealed that it is working closely with the BNB Chain, Manta Network, and cybersecurity firms Seal-911, SlowMist, and Sherlock to navigate what it called a “multi-ecosystem” recovery operation. The exploit appears to have originated from a vulnerability in the platform’s price oracle system. Cybersecurity firm PeckShield, among the first to break down the incident, suggested that the attacker manipulated the ETH/USD pricing data used by smart contracts. “The hacker exploits it to create a new position with ETH/USD at 100 and then closes it at 10,000,” the firm noted, describing how $3.12 million was siphoned off in a single transaction. Oracle Vulnerability Blamed for Breach Chaofan Shou, co-founder of blockchain analytics outfit Fuzzland, also pointed fingers at the oracle, adding that the platform failed to validate the original caller behind the forwarded transaction. “It was a very simple vulnerability,” Shou said, indicating the breach could have been avoided with tighter verification checks. KiloEX disclosed that the stolen assets are currently moving through zkBridge and Meson — cross-chain bridges commonly used to obfuscate transaction trails. The team is now in urgent discussions with both protocols to halt further outflows. A detailed post-mortem and a bug bounty program are expected soon, as the platform attempts to rebuild user confidence and understand the precise mechanics behind the exploit. In the immediate aftermath, KiloEX’s native token, KILO, has plummeted over 27%, now trading at $0.03596 — a staggering drop from its March 27 all-time high of $0.1648. The timing is especially bruising, coming just a day after KiloEX announced a strategic partnership with Dubai-based DWF Labs , which had aimed to accelerate the platform’s growth. Backed by Binance Labs and launched in 2023, KiloEX now faces the critical challenge of regaining user trust in an ecosystem where security lapses can have instant and devastating consequences. The post KiloEX Halts Trading After $7.5M Exploit, Traces Funds appeared first on TheCoinrise.com .

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