Well, that didn't take long! KiloEx, the fresh-faced perpetual trading platform barely out of its diapers and backed by YZi Labs (formerly Binance Labs), has had its piggy bank smashed to the tune of $7 million. Talk about a rough start to the playground!
The digital heist kicked off on April 14 and is still ongoing like an unwelcome party guest who doesn't know when to leave. The attackers are having a field day across BNB Smart Chain, Base, and Taiko networks. Multi-chain? More like multi-pain!
Hackers Play "Catch Me If You Can" with Tornado Cash
According to the buzzkills at Cyvers (aka security analysts), the attackers used a Tornado Cash-funded address to orchestrate their mischief. They found the keys to the kingdom through flaws in KiloEx's price oracle system. That's a classic crypto rookie mistake, folks!
🚨7M HACK ALERT🚨Our system has detected multiple suspicious transactions involving @KiloEx_perp across several chains.
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 14, 2025
An address funded via @TornadoCash has executed a series of exploitative transactions on the $BNB, $Base, and $Taiko chains — accumulating approximately $7M in… pic.twitter.com/od4UTsSrXs
On-chain sleuths have spotted funds moving between chains faster than gossip in a small town. This isn't just bad news for KiloEx—it's raising eyebrows about whether multi-chain DeFi is as secure as your grandma's Facebook password.
From Champagne Launch to Hangover in Record Time
It was all champagne and caviar when KiloEx launched its Token Generation Event on March 27, flaunting partnerships with Binance Wallet and PancakeSwap. Even scored a listing on Binance Alpha! The crypto equivalent of getting into the cool kids' club.
"Root cause was a potential price oracle access control vulnerability," Cyvers explained, probably while rolling their eyes. "The attacker is still actively exploiting the system, and USDC may be subject to blacklisting." Translation: Someone left the digital back door wide open!
🚨7M HACK ALERT🚨Our system has detected multiple suspicious transactions involving @KiloEx_perp across several chains.
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 14, 2025
An address funded via @TornadoCash has executed a series of exploitative transactions on the $BNB, $Base, and $Taiko chains — accumulating approximately $7M in… pic.twitter.com/od4UTsSrXs
Damage Control Mode Activated!
KiloEx has now pulled the emergency brake on its platform faster than you can say "audit your smart contracts." They're huddled with security partners, desperately trying to trace the digital breadcrumbs of their vanished millions.
In a move straight from the Crypto Hack PR Playbook, they've announced a bounty program for white hat hackers. Nothing says "we messed up" quite like offering rewards to fix what shouldn't have been broken in the first place!
🚨 Update on the KiloEx Vault Exploit 🚨
— KiloEx (@KiloEx_perp) April 14, 2025
We are actively collaborating with BNB Chain, Manta Network, and leading blockchain security partners—including Seal-911, SlowMist, and Sherlock—to investigate the recent KiloEx Vault exploit and trace the stolen assets.
Our joint…
Market Throws a Tantrum
Investors are about as happy as a cat in a bathtub. The KILO token nosedived 30% faster than a skydiver without a parachute, with market cap shrinking from $11 million to $7.5 million in mere hours.
Security teams are now playing digital detective, tracking wallet addresses while KiloEx executives probably update their LinkedIn profiles. The situation remains "fluid"—much like the contents of their treasury!
Remember kids: in crypto, being the new, shiny project sometimes just means you're the freshest target on the block!
UPD: DeFi Platform KiloEx Offers 750K Bounty After 7.5M Hack
KiloEx, a decentralized finance platform, is attempting to recover $7.5 million in stolen funds by offering the attacker a 750,000 white hat bounty. The hack occurred on April 14 when an unknown exploiter targeted a vulnerability in the platform's price oracle system.
According to cybersecurity firm PeckShield, the attacker made off with approximately $3.3 million in Base tokens, $3.1 million in opBNB, and $1 million in BSC tokens. The security breach involved manipulation of price information used by the platform's smart contracts.
In response to the attack, KiloEx immediately suspended its decentralized exchange operations and has since confirmed that the exploit has been contained.
"We will tweet about this resolution, acknowledging your cooperation and closing the case without further action," KiloEx stated in its message to the hacker, outlining what would happen if they return the funds.
To Hacker:
— KiloEx (@KiloEx_perp) April 15, 2025
Our investigation, supported by law enforcement, cybersecurity agencies, and multiple exchanges & bridge protocols, has uncovered critical information about your activities.
We are actively monitoring your addresses (0x551f3110f12c763d1611d5a63b5f015d1c1a954c,…
The platform has given the attacker an ultimatum: accept the bounty offer and return the funds, or face the consequences. If the hacker refuses to cooperate, KiloEx has threatened to escalate the matter to law enforcement authorities and continue investigating with cybersecurity partners.
"Your identity and activities will be exposed to relevant authorities. We will pursue legal action relentlessly. The choice is yours. Act now to avoid irreversible consequences," warned KiloEx.
The platform has provided contact options, including email and on-chain messaging, for the hacker to communicate should they choose to accept the offer. As of now, there has been no public response from the attacker.
HODL Team
