KiloEx Announces Successful Retrieval of All Funds Following $7M Security Incident, Begins Legal Resolution Process
In Brief
KiloEx has managed to reclaim the $7 million that was compromised during the recent security incident and is now collaborating with legal and cybersecurity experts to close the case, even offering a bounty to the ethical hacker involved.
Decentralized trading platform KiloEx KiloEx has confirmed it has successfully recovered all funds related to a recent security lapse earlier this week, ensuring no user suffered any financial setbacks.
KiloEx is now initiating formal procedures to officially wrap up the case, which involves working closely with legal authorities, its internal legal team, and external cybersecurity specialists. The platform has acknowledged the invaluable contributions from third-party experts like blockchain security firm SlowMist and on-chain analyst blitezero, whose expertise played a significant role in both investigation and recovery.
With all affected funds successfully returned, KiloEx reasserted its dedication to resolving the matter transparently and equitably. It will be rewarding a white hat bounty of 10% of the recovered funds to the individual who significantly contributed to securing the platform during the incident. KiloEx views this reward as more than just a sign of gratitude; it’s a vital step in fostering long-lasting relationships with the ethical hacking and cybersecurity community.
Since the issue has been settled without any outstanding claims or disagreements, the platform announced it will not pursue any further legal actions, concluding the matter amicably.
KiloEx Investigates $7M Vault Breach
The security incident The breach that occurred earlier this week involved an intrusion into KiloEx’s vault system, where unusual transaction activities were flagged across multiple blockchain networks. A wallet, which initially received assets via the privacy protocol Tornado Cash, was seen executing a series of synchronized transactions on BNB Chain, Base, and Taiko, leading to the unauthorized transfer of about $7 million in digital tokens.
Following the breach, KiloEx publicly confirmed that an investigation was underway. The platform revealed that this inquiry involves collaboration with law enforcement, cybersecurity firms, and crucial players from the exchange and bridge protocol sectors. Initial findings have shed light on the attacker’s maneuvers and the methods executed during the exploit. KiloEx In its recovery approach, KiloEx offered a proposal to the hacker, suggesting they could be recognized as a white hat and allowed to keep a portion of the misappropriated funds.
Disclaimer
In line with the Trust Project guidelines Please note that the details shared on this page are not intended as and should not be viewed as legal, tax, investment, or financial advice of any kind. It's essential to invest only what you're prepared to lose and seek independent financial counsel if uncertain. For further details, we recommend checking the terms and conditions along with the help and support resources provided by the issuer or advertiser. MetaversePost strives for accurate and impartial reporting, but market conditions can change without notice.
