Richard Teng, the CEO of Binance, announced a new security achievement for the exchange team in the face of one of the most complex hacking attempts in the world of cryptocurrencies! The decentralized platform KiloEx was a victim of a malicious cyber attack targeting the pricing mechanism (Oracle), resulting in a loss of cryptocurrencies valued at approximately $7.5 million 💸🔐.
But the pleasant surprise? Binance acted with lightning speed and managed to track the stolen funds through the blockchain, freezing and recovering about 90% of the stolen money! A significant technical and security achievement 🔍🛡️👏.
The hacker used the anonymity tool Tornado Cash to fund a wallet on KiloEx, attempting to obscure the sources of the funds 🌪️💼. After that, they exploited vulnerabilities in the security system and manipulated the prices, causing the system to believe that one of the cryptocurrencies was undervalued 🔧📉.
This incident highlights the importance of developing security systems in the world of decentralized finance, and the necessity of cooperation between platforms to protect users from cyber attacks 🚨🤝🌐.