Binance has successfully helped recover approximately $6.1 million in stolen funds after a recent exploit targeting decentralized exchange platform KiloEx. Here's a breakdown of the incident and recovery efforts :
- Incident Overview: On April 15, 2025, KiloEx suffered a sophisticated price manipulation attack, exploiting vulnerabilities in its price oracle system. The attacker manipulated price feeds using a wallet funded via Tornado Cash, an anonymizing service, and withdrew artificially inflated profits, draining an estimated $8.44 million across Base, BNB Chain, and Taiko.
- Binance's Response: Binance security teams activated an emergency protocol within 30 minutes of the incident being flagged, tracing suspicious wallet addresses and blacklisting them internally. They also contacted cross-chain bridge providers to restrict hacker activity and conducted on-chain forensic analysis to track the attacker.
- Recovery Efforts: Binance and KiloEx initiated targeted communications with the attacker via on-chain messages, filing a report with law enforcement. After 24 hours of negotiation, the attacker agreed to return 90% of the stolen funds ($6.1 million) in exchange for a 10% white-hat bounty and a cease of further legal action.
- Key Takeaways: The recovery highlights the importance of ecosystem-wide collaboration, swift technical analysis, and law enforcement pressure in combating crypto exploits. Binance reaffirmed its commitment to protecting users and maintaining trust across Web3 platforms by responding swiftly to security incidents.
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