According to Mars Finance and The Block, the decentralized exchange KiloEx based on Arbitrum recently suffered a hacker attack, resulting in a loss of 2.4 million dollars. The attacker exploited a vulnerability in the platform’s contract to manipulate the price Oracle Machine using Flash Loans.
Event Progress
Fund Tracking: Approximately 80% of the stolen funds remain in the attacker’s address (0x7f3…f21) and have not been transferred.
Legal action: The KiloEx team has reported to the Singapore police and contacted the blockchain security company Chainalysis for assistance in tracking.
Vulnerability Fix: The project party claims to have completed the contract audit and suspended the deposit and withdrawal functions.
Industry Impact
This incident highlights the security risks associated with the reliance on Oracle Machines in DeFi protocols.
KiloEx token (KILO) price plummeted 62% in 24 hours.
In Q1 2024, losses in the DeFi sector due to vulnerability attacks have exceeded $380 million (CertiK data).
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