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KiloEx DEX Experiences $7.5 Million Security Breach Due to Price Oracle Vulnerability
In a devastating turn of events, KiloEx, a perpetual decentralized exchange (DEX), has suffered a massive security breach, resulting in losses totaling approximately $7.5 million. The exploit is attributed to a price oracle vulnerability, which the attacker leveraged to drain the platform’s funds.
According to reports, KiloEx’s base network is worth $3.3 million, while the opBNB and BSC networks lost $3.1 million and $1 million, respectively. This significant loss has sent shockwaves through the cryptocurrency community.
In response to the incident, KiloEx has taken swift action by suspending platform usage and collaborating with security partners to trace the flow of funds and potentially recover stolen assets. The exchange is working closely with BNB Chain, Manta Network, Seal-911, SlowMist, and Sherlock to mitigate the damage.
KiloEx has also announced a bounty program and plans to release a full report on the exploit’s occurrence. Furthermore, the exchange urges other protocols and platforms to blacklist the attacker’s wallet addresses.
The stolen funds include USD Coin (USDC), which may be blacklisted by the token issuers, making it challenging for attackers to convert these funds into other cryptocurrencies.
As a result of the security breach, KiloEx’s native token, KILO, has plummeted by over 27% and is now trading at $0.03596. The token has dropped significantly from its all-time high of $0.1648 reached on March 27.
KiloEx was established in 2023 with the backing of Binance Labs as a lead investor and strategic partner. YZi Labs also supports the perpetual DEX. This security breach comes just days after KiloEx announced a partnership with Dubai-based Web3 venture capital firm DWF Labs on April 13. The collaboration aimed to expand KiloEx’s market presence and accelerate growth.
This incident highlights the growing concern of DeFi security incidents. According to Immunefi’s Q1 2025 report, the first quarter of 2025 has seen a record-breaking $1.64 billion stolen across 74 separate incidents.
Source: https://blockonomi.com/kiloex-dex-experiences-7-5-million-security-breach-due-to-price-oracle-vulnerability/
