Decentralised exchange KiloEx suffered a serious exploit recently when a hacker targeted its price oracle mechanism. The breach resulted in a loss of around $7.5 million worth of various cryptocurrencies.
The attacker used price manipulation tactics to trick the platform’s system into misjudging token values and withdrawing inflated profits. The attack hit multiple networks, including Base, BNB Chain, and Taiko, before KiloEx was able to respond.
Richard Teng Speaks Out
Binance CEO Richard Teng addressed the situation publicly and confirmed the role Binance played in recovering a large chunk of the stolen funds. In a post on social media, Teng said, “$6.1 million traced, blocked, and largely recovered by Binance after the KiloEx exploit.”
“Around 90% of stolen assets are back thanks to ecosystem teamwork and law enforcement.” His message emphasised the fast response from Binance and the cooperation between platforms and authorities.
Also Read: Decentralized Crypto Exchange KiloEX Loses $7.5M in Hack, $KIKO Falls by 31%
The Speed of Response
Binance moved quickly after the KiloEx community flagged the attack on April 15. Within 30 minutes, Binance’s security teams, along with BNB Chain’s team, began their investigation.
They worked closely with the KiloEx team to understand how the exploit happened and how much was stolen. The focus was to trace the attacker’s wallet addresses, which were then blocked from using Binance’s exchange and flagged across key cross-chain bridges to limit the movement of funds.
Reaching the Hacker
With help from law enforcement and on-chain analysis tools, Binance helped piece together the attacker’s digital trail. They supported the KiloEx team in sending on-chain messages to open a channel of communication with the hacker.
Alongside this, KiloEx filed an official report with the authorities. The pressure from law enforcement and direct engagement pushed the hacker to respond. Within a day, they agreed to return most of the stolen funds in exchange for a white-hat bounty and no further action.
$KILO’s Price Actions
Despite the recovery, the native token of KiloEx, $KILO, took a hit following the news of the hack. It dropped over 5% in value. However, it has since shown signs of stabilising and is currently trading at a slight gain.
The 24-hour trading volume has also increased, suggesting the community is still active and engaged despite the setback.
A Win for the Ecosystem
This recovery is being seen as a major win for the crypto community, especially at a time when trust in DeFi platforms is being tested. It highlights how cooperation among exchanges, developers, and law enforcement can turn the tide in favour of users.
Binance’s role in helping to recover most of the stolen funds after the KiloEx hack sets an important example for how the crypto space can respond to major threats.
CEO Richard Teng’s remarks make it clear that when the community acts fast and works together, damage can be minimised and trust preserved.
Also Read: KiloEx Offers 10% Bounty to Hacker, Sets 72-Hour Deadline for Return of Stolen Funds