Crypto DEX platform KiloEx has shared a new update following its over $7 million hack from earlier this month, as it confirms its readiness to reimburse victims.
Almost two weeks after Decentralized Exchange (DEX) KiloEx suffered a $7 million hack, it has hinted at plans to reimburse users. According to its resolution plan, which was published on April 24, affected users, including traders, Hybrid Vault stakers, and VIP users, will be compensated for the difference in increased losses or decreased profits.
Modalities For KiloEx Reimbursement to Users
Notably, only those users whose positions remained open during the platform suspension are eligible for such compensation. However, users are not advised to close their positions as soon as possible since the compensation will be calculated until the platform resumes.
“If your positions remained open during the platform suspension, they will still be active after the KiloEx platform resume,” KiloEx wrote on Medium. “If your losses increased or profits decreased during this suspension, we will fully compensate the difference.”
Hybrid Vault stakers do not need to worry about their principal and earnings, as they were not affected by the exploit. Once the KiloEx platform resumes, entities in this category should expect a Special Yield Boost campaign.
A few details about this initiative were shared, including the fact that it would run between 13:00 UTC on April 24, 2025, and 13:00 UTC on May 24, 2025.
KiloEx Becomes Victim of Vulnerability Hack
KiloEx was attacked on April 14, 2024, at about 18:27 UTC. According to blockchain analytics platform Cyvers, the sophisticated attack exploited a vulnerability in its price oracle system, resulting in a loss of over $7.5 million in digital assets. The perpetrator took this act a step further by leveraging Tornado Cash’s crypto mixing services.
With the help of this crypto mixer, the bad actors could execute transactions on the Base, BNB Chain, and Taiko networks. As is customary in such cases, KiloEx offered to give the hacker 10% of the fund as a bounty. This means that the hacker could keep $750,000 as a white hat bounty should they decide to return 90% of the stolen funds.
If the hacker fails to comply, the DEX promises to expose the hacker’s identity and take legal action. Not long before, security platforms began to flag transactions, indicating that the KiloEx hacker returned the stolen funds.
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