KiloEx, a decentralized exchange (DEX) for trading perpetual futures, was hit by a sophisticated attack earlier Tuesday that left users reeling with losses of around $7 million.
The exploit unfolded across multiple blockchain networks and appeared to stem from a vulnerability in the platform’s price oracle system, per blockchain analysis firm Cyvers.
An attacker, using a wallet funded through Tornado Cash — a tool that obscures transaction trails — executed a series of transactions on the Base, BNB Chain, and Taiko networks to take advantage of a flaw in the platform’s price oracle system, which allowed the attacker to manipulate asset prices.
KiloEx has since confirmed the breach, suspended platform operations, and is now working with partners to trace the stolen funds and blacklist the attacker’s wallet.
Oracles are blockchain-based tools that relay any type of outside data to a blockchain, where smart contracts use that data to make decisions for a financial application. T
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