KiloEx Announces Compensation Plans After $7.5 Million Breach
KiloEx, a decentralized exchange, experienced a breach resulting in a loss of $7.5 million, with some funds recovered shortly after. The DEX will compensate users affected by the exploit and trading suspension.
- KiloEx announced compensation plans for traders, Hybrid Vault stakers, and VIP users.
- Users with open positions during the suspension will be compensated for losses or reduced profits until trading resumes.
- Traders’ limit orders will be canceled, while take-profit and stop-loss orders will proceed as normal.
- Open positions will remain active post-resumption of operations.
- The exchange's return is pending a security audit, but no specific date has been set.
- Hybrid Vault stakers will regain access to principal and earnings upon resumption, alongside a Special Yield Boost Campaign offering an additional 10% APY.
- VIP status will be based on a snapshot at the time of the breach, with eligible users receiving a 30-day protection period and an upgrade in tiers (except VIP7).
After the incident, KiloEx offered a 10% bounty to the hacker, leading to the recovery of the stolen amount.