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KiloEx to Compensate Users Impacted by $7M Attack
Users whose positions remained open during the platform suspension will be compensated for the difference on increased losses or decreased profits
What to know:
- KiloEX, the DEX hit by a $7 million attack earlier this month, has revealed its resolution plans for affected users.
- The KiloEx attacker appeared to exploit a vulnerability in the platform's price oracle system.
KiloEX, the decentralized exchange (DEX) hit by a $7 million attack earlier this month, has revealed its resolution plans for affected users.
Users whose positions remained open during the platform suspension will be compensated for the difference on increased losses or decreased profits, KiloEX said on Thursday.
STORY CONTINUES BELOW
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Compensation will only be calculated up to the point the platform resumes, so users are advised to close their positions as soon as possible thereafter.
The KiloEx attacker, using a wallet funded by crypto laundering service Tornado Cash, appeared to exploit a vulnerability in the platform's price oracle system.
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
