KiloEx Hack: Binance Helped Recover $6.1 Million In Lost Funds
The post KiloEx Hack: Binance Helped Recover $6.1 Million In Lost Funds appeared on BitcoinEthereumNews.com.
Key Notes Binance exchange’s security team joined a few others to investigate and track the $7.5 million fund. The attacker executed a series of transactions on Base, BNB Chain, and Taiko networks which were tracked. KiloEx gave the hacker a 10% bounty, but Binance’s recovery nullifies it. Under the leadership of CEO Richard Teng, Binance has played an important role in recovering stolen funds from the KiloEx hack. The exchange successfully recovered over $6.1 million in cryptocurrencies after the decentralized exchange (DEX) suffered an attack that resulted in the loss of around $7.5 million across various digital assets. Binance Inks Collaboration to Assist KiloEx In a post addressed to the broader crypto community, Teng highlighted Binance’s involvement in responding to the KiloEx hack. He shared a link to a Binance article outlining the exchange’s role in recovering the stolen funds. According to the post, Binance’s security team acted swiftly once the exploit was detected and reported. $6.1M traced, blocked, and largely recovered by @binance after the KiloEx exploit! 90% of stolen assets are back thanks to ecosystem teamwork and law enforcement. Learn how 👇https://t.co/7lSeszRI8c — Richard Teng (@_RichardTeng) May 1, 2025 This effort was supported by additional collaborations to investigate the incident. Relative to the total amount stolen, the portion recovered by Binance accounts for roughly 90%. The exchange stated that it was able to block the hackers’ escape routes using its advanced security infrastructure. It is also worth noting that Binance added the associated wallet addresses to its internal blacklist checklist, making it easy to track the funds. The embattled decentralized exchange had promised the hacker a bounty, a make-up strategy to recoup the funds. As highlighted, the bounty will reward anyone who highlights KiloEx’s security infrastructure flaws. In light of the new developments in the hack, the protocol…
