KiloEx, Backed by YZi Labs, Loses $7M in Exploit Due to Price Oracle Vulnerability

KiloEx, a decentralized exchange for trading perpetual futures backed by YZi Labs, has been hit by a significant exploit, resulting in losses of approximately $7 million. The attack, which exploited a price oracle access control vulnerability, was executed across multiple blockchain networks including BNB, Base, and Taiko. The attacker used a wallet funded through Tornado Cash to manipulate asset prices and drain liquidity from the platform, with losses amounting to $3.3 million in Base, $3.1 million in opBNB, and $1 million in BSC.

In response to the exploit, KiloEx has suspended its platform operations and is actively working with partners such as BNB Chain, Manta Network, and cybersecurity firms Seal-911, SlowMist, and Sherlock to investigate the incident and trace the stolen funds. The platform has also issued a warning that $USDC linked to the hack may be blacklisted.

KiloEx has demanded that the hacker return 90% of the stolen funds from its perp vaults, threatening relentless legal pursuit if the funds are not returned. This incident underscores the ongoing challenges in securing decentralized finance platforms against sophisticated attacks.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.