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#squarecreator How did Binance respond to the cyber threat?


What happened at KiloEx? Measures taken to protect users.

A major cybercrime recently targeted the KiloEx platform, resulting in a substantial theft of cryptocurrencies. Quick and coordinated efforts allowed for the recovery of $6.1 million of the initially stolen $7.5 million in this digital heist.

The security breach revealed critical vulnerabilities in KiloEx, prompting Binance, under the direction of its CEO, Richard Teng, to implement an immediate response. Using its sophisticated security systems, Binance helped seal the potential exits of the hackers, thereby reducing the impact of the attack. Subsequently, Binance collaborated with law enforcement and cybersecurity specialists, which was crucial in recovering most of the stolen assets.

Measures taken to protect users

Following the attack, KiloEx is drafting a compensation plan to address users' concerns. The platform has temporarily suspended its operations while assessing the damages and improving security protocols, targeting the addresses used by the attacker to prevent recurrence.

Investigations suggest that the attacker exploited a flaw in KiloEx's price oracle mechanism, allowing unauthorized transactions across multiple networks, including Base, BNB Chain, and Taiko. Signs of asset price manipulation were observed, and reports indicate that some operations may have been facilitated by mixing systems previously associated with the attacker.

The collaboration between Binance and KiloEx underscores the importance of joining efforts for asset recovery. Both entities engaged cybersecurity experts and law enforcement, reinforcing strategies to counter the attack. Designing compensation strategies for the affected is a measure that KiloEx is taking to maintain its integrity.