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KiloEx DEX Loses $7.5 Million in Cross-Chain Price Oracle Exploit
KiloEx, a decentralized exchange (DEX), has suffered a significant loss after falling victim to a cross-chain price oracle exploit. The breach resulted in the theft of approximately $7.5 million worth of cryptocurrency.
According to an official statement from KiloEx, the attack was made possible due to a price oracle issue on one of their transactions. This vulnerability allowed hackers to manipulate prices and create new positions with initial given amounts, resulting in the loss of funds.
In response to the incident, KiloEx has paused its protocol and is currently working to recover any stolen assets. The exchange is collaborating with various security partners and blockchain networks to achieve this goal.
KiloEx has also announced that a bounty program will be established to incentivize the return of stolen funds. Additionally, the team plans to release a comprehensive postmortem report detailing how the exploit occurred in order to prevent similar attacks from happening in the future.
The price of KiloEx’s native token, Kilo (KILO), has taken a hit following the announcement of the incident, dropping by over 27% to $0.03596 as reported by CoinGecko.
KiloEx had recently announced a partnership with Dubai-based Web3 venture capital firm DWF Labs just one day prior to the attack on April 13.
Source: https://coincentral.com/kiloex-dex-loses-7-5-million-in-cross-chain-price-oracle-exploit/
