The CEO of #BİNANCE , Richard Teng, revealed the success of the security teams at the cryptocurrency exchange Binance in recovering a significant portion of the funds that were stolen from the decentralized trading platform Kil, oEx. The value of the lost cryptocurrencies amounted to $7.5 million as a result of targeting the oracle mechanism.
Teng explained that Binance was able to track and block the funds, recovering nearly 90% of them. The theft occurred when the hacker exploited the oracle mechanism, which is responsible for transferring price data from outside the blockchain to within it. He funded a wallet on the Kil, oEx platform via Tornado Cash to obscure the source of the deposit.
Ultimately, the hacker exploited vulnerabilities in the access control system and manipulated the oracle mechanism to make the system believe that the price of one of the currencies was much lower than its true market value.
#YE_SANAA 🇾🇪
