Decentralized exchange KiloEX has suffered a $7.5 million exploit, resulting in the platform being suspended while an investigation is launched.
Cybersecurity experts are speculating the KiloEX exploit was likely caused by a price oracle issue, where the price of assets was manipulated.Decentralized exchange KiloEX has confirmed it has suspended usage of its platform and is tracing stolen funds after suffering a $7.5 million exploit.“The team has immediately suspended platform usage and is working with security partners to trace the flow of funds,” KiloEX said.
“We are analyzing the attack vector and affected assets. We are collaborating with ecosystem partners to trace and recover funds where possible.”A bounty program and a full report on how the exploit occurred is also in the works, according to KiloEX.it was collaborating with BNB Chain, Manta Network, and cybersecurity firms Seal-911, SlowMist and Sherlock in an effort spanning “multiple ecosystems.
“Our investigation has confirmed that the stolen assets are currently being routed through zkBridge and Meson,” KiloEX said. “We are urgently attempting to engage with both protocols to halt ongoing transactions and prevent additional losses.”in an April 14 post to X the exploiter looted $7.5 million in total, $3.3 million Base, $3.1m opBNB and $1m BSC.
The firm has speculated the exploit is likely a “price oracle issue,” where the information used by a smart contract to determine the price of an“The hacker exploits it to create a new position with initial given ETH/USD price of 100 and then immediately close the position with inflated ETH/USD price of 10000, netting the $3.12m profit in one single transaction.”“Anyone can change the Kilo’s price oracle.
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