$7.4 Million Loss Scandal Shakes KiloEx, What Happened?

Updated

April 16, 2025

Gambar $7.4 Million Loss Scandal Shakes KiloEx, What Happened?

Jakarta, Pintu News—In mid-April, the decentralized derivatives trading platform KiloEx suffered a major loss due to a security exploit. The attack resulted in the loss of approximately $7.4 million in funds and sparked serious concerns among users and investors.

Check out the full news below!

KiloEx and Security Incidents

🚨7M HACK ALERT🚨Our system has detected multiple suspicious transactions involving @KiloEx_perp across several chains.

An address funded via @TornadoCash has executed a series of exploitative transactions on the $BNB, $Base, and $Taiko chains — accumulating approximately $7M in… pic.twitter.com/od4UTsSrXs
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) April 14, 2025

KiloEx, a decentralized perpetual trading platform, recently suffered a sophisticated cyberattack. According to a report from Cyvers Alerts, the attack occurred on April 14 at 19:30 UTC and involved wallets funded through Tornado Cash.

This attack took advantage of a vulnerability in the price oracle access control that exists in several blockchains such as Base, Taiko, and BNB Chain. In this incident, the stolen funds included USD Coin , which could potentially be blacklisted by its issuer.

KiloEx quickly confirmed the incident and halted all activity on their platform to prevent further losses.

Also read: Mantra and Story Protocol Collapse, DeFiance Capital Founder Highlights Price Manipulation?

Attack Analysis and Impact

The @KiloEx_perp protocol was hacked today with a loss of ~7.5m ($3.3m in base, $3.1m in opBNB, $1m in BSC).

The protocol is now paused! Our initial analysis on one exploit tx indicates a price oracle issue. And the hacker exploits it to create a new position with initial given…
— PeckShield Inc. (@peckshield) April 14, 2025

According to analysis from PeckShield, a blockchain security firm, the total loss is estimated at $7.5 million. The breakdown of losses includes $3.3 million in Base, $3.1 million in opBNB, and $1 million in Binance Smart Chain (BSC).

This attack was carried out by manipulating the Ethereum /USD price oracle, where the perpetrators opened and closed positions at very different prices in a single transaction.

These losses add to a long list of similar incidents in the DeFi sector, which has recorded total losses of $1.64 billion in the first quarter of 2025. This is the worst record in cryptocurrency exploitation history, with DeFi losing $106.8 million from 38 incidents.

Also read: Top 10 Cryptos Ready to Lead the Rally in April 2025

Recovery and Prevention Efforts

The KiloEx team is working with several leading blockchain security firms such as Seal-911, SlowMist, and Sherlock and networks such as BNB Chain and Manta Network to trace and recover the stolen funds. The funds are reportedly being bridged via zkBridge and Meson, two protocols that enable cross-blockchain transfers.

Additionally, KiloEx has announced a bounty program to encourage assistance in the recovery of lost assets. They also plan to release a comprehensive post-mortem report that will detail how the attack occurred, what assets were affected, and what steps will be taken to improve security.

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