The world of decentralized finances (DEFI) has once again found itself at the center of a security crisis, leaving many investors to question the stability of the ecosystem.
This time, the accent is put on kilox, a newly launched perpetual trading platform supported by Yzi Labs (formerly Binance Labs). Just as he was gaining momentum, a major multi-chain feat drained about $ 7 million from the platform. The attack has opened new concerns about the vulnerabilities hiding in transversal trading platforms.
With billions at stake and the future of the platform suspended in balance, it is a story that you will not want to miss.
A strategic attack on several channels
On April 14, Kiloex became the target of a sophisticated feat that had an impact on several networks, including BNB Smart Chain, Base and Taiko. According to the Safety Company of the Cyvers Blockchain, the striker used a portfolio funded via tornado trees to perform a series of well -planned transactions. These transactions took advantage of a vulnerability in the price of the Oracle platform, allowing the pirate to manipulate the prices of assets on several channels and to quickly drain the funds of the platform.
Kiloex had taken a good start. Supported by major names like Binance Wallet and Pancakeswap, the platform had just organized its generation of tokens (TGE) event on March 27, quickly capturing attention in the Defi community. But the excitement was short-lived as the attack struck, seriously stopping the early momentum of the platform.
Kilo token crashes
The hack caused immediate damage. Kiloex was forced to suspend all the activities of the platform while the team worked to understand what had been wrong. As the news spreads, the value of the kilox kilox token has dived by 30%, erasing $ 3.5 million from its market capitalization in a few hours.
What had been a market capitalization of $ 11 million before the feat is now only $ 7.5 million, stressing how vulnerable new DEFI tokens can be compromised.
Piracy monitoring
To investigate the violation, Kiloex has launched a program of bonus bonuses, hoping that the ethical hackers will help retrace the stolen funds and identify the exact defect that made the attack possible. The security teams closely follow the striker’s portfolio, because the feat was not fully contained.
There are more and more concerns than stablecoins like the USDC, which were used during hacking, could possibly be put on blacklist, adding even more complications to an already tense situation.
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The biggest lesson for crypto
This incident highlights the critical importance of solid security measures, especially for DEFI platforms that operate on several blockchains. While the investigation continues, all eyes are on kiloex and how they manage the consequences. Their response will probably determine if they can recover or if they will become another story of prudence in the deffi world.
Can the platforms of this space be fully secure or will security violations continue to undermine the confidence of investors? The answer may not come easily, but it will likely shape the future of decentralized finance.
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