Binance CEO Emphasizes Binance's Role in Recovering $6.1 Million in Cryptocurrency Post Significant Breach
Heyo, let's talk crypto! Binance, the big kahuna of cryptocurrency exchanges, swooped in like a cyber-superhero to save the day after hackers pilfered $7.5 million from KiloEx. The platform got slammed two weeks ago by an oracle manipulation attack, but Binance came to the rescue, managing to recover approximately 90% of the loot.
Now, you might be wondering, what's an oracle manipulation attack? Well, picture this: hackers create a shady wallet using Tornado Cash, obfuscating the dirty money's origin. Next, they cleverly abuse the oracle system, tricking the DEX into thinking a token's price is way lower than reality. With this artificially lowered price, the hacker reaped mega profits before KiloEx even had a chance to react. This sneaky bugger repeated the scheme on other networks such as Base, Taiko, and BNB Chain[2][5].
But worry not, since the incident was brought to light on April 15, Binance's security team leaped into action within a half-hour. They swung into action by blacklisting those sketchy wallets and collaborating with cross-chain bridge platforms to freeze the hacker's access[1][5]. KiloEx also began negotiations with the thief and even filed a complaint with the law. Eventually, the hacker cut a deal, agreeing to return 90% of the stolen funds, keeping 10% as a reward for playing nice and keeping their wallets out of the naughty list[1][5].
So next time you trade on Binance, feel secure knowing that they're on the job 24/7, fighting hackers and recovering lost funds!
Ciao, until next time!
[1] https://blog.binance.com/[2] https://medium.com/[3] https://utoday.news/[4] https://twitter.com/Binance[5] https://kilex.finance/
- Binance, a prominent figure in the crypto world, acted swiftly to recover around 90% of the $7.5 million stolen from KiloEx, following an oracle manipulation attack.
- In these attacks, hackers employ strategies like creating shady wallets using Tornado Cash to obscure the origin of their funds, and then cleverly manipulating the oracle system to artificially lower a token's price, earning exorbitant profits.
- After discovering the oracle manipulation attack on KiloEx, Binance promptly blacklisted the identified sketchy wallets and collaborated with cross-chain bridge platforms to freeze the hacker's access.
- KiloEx, too, initiated negotiations with the hacker and even filed a complaint with the law, eventually leading to a deal where the hacker agreed to return 90% of the stolen funds, keeping 10% as a reward.
- The technology behind Binance, including its blockchain and decentralized systems, proved instrumental in the recovery of the stolen funds, demonstrating the platform's commitment to ensuring the security and integrity of its users' crypto trading activities.
- Now, with Binance’s security team working diligently 24/7 to combat hackers and recover lost funds, crypto enthusiasts can trade on the platform with added confidence and peace of mind.
