KiloEx Recovers $7 Million After Oracle Exploit
- KiloEx faces critical $7M exploit, promises user compensation.
- Funds recovered, ensuring no user losses.
- KILO token drops 78% amid security breach.
KiloEx has announced full compensation for users affected by a $7 million price oracle exploit involving Base, opBNB, and BNB Chain assets.
This incident highlights vulnerabilities in crypto trading platforms, affecting market trust, while KILO token’s dramatic fall reflects increased investor caution.
Exploit Drains $7M Through Price Manipulation
The price oracle exploit led to the draining of $7 million in ETH and other assets. Hackers manipulated the ETH/USD price feed to profit from artificially low asset prices.
Involvement from PeckShield and SlowMist highlighted security oversights, causing KiloEx’s reputation to suffer. Affected users are promised compensation, ensuring no net losses.
KILO Token Plummets 78% Post-Exploit
Swift recovery of stolen funds restored user confidence, with no financial losses incurred by victims. Tokens on Base, opBNB, and BNB Chain were primarily affected.
The incident reduced KILO token value by 78%, leading to critical market concerns about platform integrity. Institutional confidence may be shaken in the short term.
DeFi Vulnerabilities Highlighted in Latest Breach
The KiloEx breach mirrors previous DeFi oracle exploits, showcasing common vulnerabilities in smart contract security. Financial repercussions are consistent with historical token price crashes.
“With all affected funds fully restored (leaving no victims), we are fulfilling our pledge to resolve this matter fairly and transparently.” — KiloEx Public Team Statement, KiloEx
Past trends suggest the crypto market may recalibrate, emphasizing enhanced security protocols. Expert insights indicate a potential rise in user scrutiny regarding blockchain safety.
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