Binance Assists in Recovering $6.1 Million from KiloEx Hack
Binance, led by CEO Richard Teng, recovered over $6.1 million in cryptocurrencies following the KiloEx hack, which resulted in a loss of approximately $7.5 million.
Key Points
- Binance's security team acted quickly upon detection of the exploit.
- 90% of stolen assets were recovered through collaboration with law enforcement and ecosystem partners.
- Binance blacklisted associated wallet addresses for better tracking.
- KiloEx offered a 10% bounty to the hacker for returning funds and aimed to compensate affected users.
- The attack exploited a flaw in KiloEx’s price oracle mechanism across multiple blockchain networks.
- KiloEx temporarily suspended trading but has resumed normal operations.