April 15, 2025
Lengthy Investigation Unfolds
Following the incident, the perpetual trading platform backed by YZi Labs (formerly Binance Labs) suspended all operations to assess the breach.
Source: X (@CyversAlerts)
The team is now working with cybersecurity experts and has launched a bug bounty program to recover funds and address the underlying vulnerability, although experts believe it will take a long time before any substantial progress is made.
Market Reaction & Token Decline
The KILO token dropped by 30%, wiping out $3.5 million in market capitalization within hours. Its valuation also fell from $11 million to $7.5 million.
The attacker’s wallet remains under surveillance, and concerns persist over potential blacklisting of exploited stablecoins such as USDC.
KiloEx’s response in the coming days will be pivotal in restoring user confidence.
