Author: ChandlerZ, Foresight News
On April 15, the perpetual contract DEX KiloEx announced that its vault was attacked, and the situation is currently under control. The KiloEx platform functions have been suspended, and the team is working with security partners to track fund flows and plans to launch a bounty program. KiloEx is analyzing the attack path and affected assets while collaborating with ecosystem partners to attempt to recover funds. A comprehensive report will be released in the coming days.
On-chain data shows that the KiloEx address was stolen, with losses of approximately $7.4 million, including $3.3 million on the Base network, $3.1 million on the opBNB network, and $1 million on the BNB Chain.
Market data shows that KILO has dropped over 33% in 24 hours, with the lowest price reaching 0.033 USDT, currently trading at 0.0346 USDT.
According to Cyvers Alerts, the root cause of this hack may be an access control vulnerability in the price oracle.
Simply put, the oracle should have price information updated by trusted roles, but due to a lack of necessary permission restrictions, attackers were able to bypass the verification mechanism and arbitrarily manipulate asset prices, thus controlling contract logic.
Paidun's preliminary analysis of one of the attack transactions shows that this was an oracle pricing issue. The attacker exploited this vulnerability by setting the initial ETHUSD price to 100 when opening a position, then immediately closing the position at an artificially high ETHUSD price of 10000, earning approximately $3.12 million from this single transaction.
What is KiloEx?
KiloEx is a decentralized perpetual DEX focused on risk management, capital efficiency optimization, and LST token ecosystem integration. KiloEx participated in the recent airdrop alliance activity on BNB Chain and the Renew Paradigm activity on Manta Pacific, earning stablecoin yields by staking STONE. Additionally, KiloEx plans to launch hybrid vault and hybrid margin trading functions.
KiloEX is similar to GMX, an oracle-priced Perp DEX, with core innovations including:
Self-hedging stablecoin-neutral LP
Copy Trading
Token economics borrowing from advanced current mechanisms
In terms of financing, KiloEx has received investment from Binance Labs and was incubated in its MVB sixth season. It has also received investments from Foresight Ventures, Crescendo Ventures, Manta Network, 7UP DAO, Poolz Finance, GTS Ventures, and some angel investors.
KiloEx completed an exclusive TGE on Binance Wallet on March 27, attracting over 70,000 users to participate, with subscription amounts exceeding 300 times the target.
According to its official website, KiloEx's total trading volume is $3.764 billion, with a current TVL of $33.84 million. According to defillama data, KiloEx's daily average trading volume is around $100 million, with a 7-day trading volume of around $500 million.
Trust Crisis and Community Doubts Exposed by the Security Incident
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