KiloEx Proposes Settlement to Recover $7 Million After Hack

2 mins mins

Key Points:

KiloEx hack prompts $7 million recovery effort involving law enforcement.
Offers hacker 90% return deal with legal immunity in 72 hours.
Market sees 27-30% drop in KILO token value.

On April 15, 2025, KiloEx was hacked, leading to an approximate $7 million loss. The trading platform announced the breach resulted from a price oracle manipulation.

KiloEx’s proactive response aimed to recover the maximum amount of stolen funds swiftly, showcasing a commitment to security and user trust restoration.

KiloEx Offers Hacker Settlement Amidst 27-30% Token Drop

KiloEx offered a settlement to the hacker, allowing the return of 90% of the stolen funds within 72 hours, with the hacker potentially keeping 10% as a bounty with public recognition. “The exploit involved manipulation of ETH/USD rates to create and close leveraged trades at artificial prices,” noted PeckShield, Blockchain Security Experts. Law enforcement supports this effort, coordinating with exchanges to monitor fund flows.

Changes include a platform suspension and initiation of a bug bounty program. KiloEx teamed up with cybersecurity agencies to control vulnerabilities swiftly and introduce enhanced security protocols.

Market reactions reflected the seriousness of the breach as KILO token’s value plummeted 27-30%, demonstrating investor alarm.

Community members voiced concerns over cross-chain safety and the potential long-term reputation impact on KiloEx.

DeFi Sector Faces $1.63 Billion Hack Concerns in Q1 2025

Did you know? The DeFi sector witnessed $1.63 billion theft in Q1 2025, across 38 hacks, emphasizing potential vulnerabilities in decentralized platforms such as KiloEx.

According to CoinMarketCap, KILO currently trades at $0.04 with a market cap of $8.14 million. Recent volatility shows a -28.45% change in 24 hours, with significant losses over the past 30 to 90 days.

kiloex-daily-chart — KiloEx(KILO), daily chart, screenshot on CoinMarketCap at 10:08 UTC on April 15, 2025. *Source: CoinMarketCap*

Experts highlighted potential outcomes of enhanced scrutiny and security for exchanges. Analysts suggest increased user trust might be necessary, along with regulatory actions to ensure asset safety across decentralized networks, similar to discussions in key developments in the blockchain sector.