Binance-Backed dex KiloEX stops operating with $ 7.5 million exploitation.

Distributed Exchange (DEX) KiloEX has stopped operating with an attack of $ 7.5 million, and cyber security researchers “Price Oracle Exploit.”

KiloEX was built in 2023 based on BNB Chain, OPBNB, and Manta Network and received seed funds from Binance Labs, which invests in the Binance Coin (BNB) ecosystem.

A tweetDEX reassured the user that it is now included. KiloEX said, “We are working with security partners to track the flow of funds.”

The exchange said it is preparing for a report on the future. KiloEX could not provide information on the characteristics of abuse, but identified the attacker’s wallet address with 0x00FAC92881556A90FDB19EAE9F23640B95bcbd. The user urged to block the address to alleviate additional damage.

At the time of writing, KiloEX did not provide a timeline for the time to resume the work.

There is a KiloEX Proposed Hackers offer the opportunity to return 90%of the stolen encryption in return for “closing the case without additional measures. If the hacker failed to exchange the proposal, it not only exposed the perpetrator’s identity to the “related authorities,” but also threatened legal measures.

What is the price Oracle Exploit?

According to Peckshield, a cyber security company, this Exploy will be associated with problems related to Dex’s “Price Oracle.”

In encryption, “Price Oracles” is a service that provides external data. Wise contract-It is the same as the price of assets Bitcoin (BTC), Ether Leeum (ETH) or US dollars-acting as a bridge between real data and block chains of Exchange.

Hackers can steal money if the malfunction of the Oracle Oracle can be operated directly or indirectly.

PeckShield uses a hacker price to use Oracle Exploit to create a price of $ 100 in the early days of Ethereum, and quoted trading record data to end its position at a price of $ 10,000.

The company believes that the explo it has lost $ 3.3 million in the default blockchain tokens, $ 3.1 million for OPBNB tokens, and $ 1 million in DEX.

Price Oracle EXPLOITS has shown many critical attacks in the challenging world for many years. Researchers believe that Mango Markets, based on Solana, lost $ 114 million in October 2022 after hackers deceived Oracle and relied on a single source of price data.

We also saw that Price Oracle Related-Gexploits led to Venus Protocol in May 2022.

Web 3 security company cyber I believe The attacker’s wallet supported funds through the Tornado Cash, a popular decentralized cryptocurrency mixer, which is popular with encryption criminals.