Cyvers Detects $7M Hack on KiloEx-Perp Across BNB, Base, and Taiko Chains

On-Chain Media reports a critical security breach in the decentralized finance (DeFi) sector as Cyvers Alerts (@CyversAlerts) has detected multiple suspicious transactions involving KiloEx-Perp, a decentralized exchange (DEX), across several blockchains.

The hack, which has resulted in approximately $7M in losses, was executed by an address funded via TornadoCash, a privacy protocol often associated with illicit activities.

According to Cyvers’ post on X at 20:40 WAT, the exploitative transactions targeted the BNB, Base, and Taiko blockchains. The root cause of the breach is suspected to be a price oracle access control vulnerability, which allowed the attacker to manipulate the system and drain funds.

Cyvers has warned that the attack is still actively exploiting the system, posing an ongoing threat to KiloEx-Perp users.

Further compounding the issue, Cyvers noted that USDC, a popular stablecoin, may be subject to blacklisting as a result of the hack, potentially affecting users holding or transacting with the asset on the platform.

To mitigate future risks, Cyvers is encouraging users to secure their assets, emphasizing the importance of vigilance in the DeFi space, particularly as platforms like KiloEx-Perp, which operate across multiple chains, become prime targets for sophisticated attacks.

The incident highlights ongoing vulnerabilities in DeFi protocols, especially those involving price oracles, which have been exploited in past attacks across the ecosystem.

KiloEx-Perp has not yet issued an official response to the hack. On-Chain Media will continue to follow this story and provide updates as more information becomes available.