A hacker behind the $ 7.5 million Kiloex Exploit gave back all stolen funds 4 days after the attack.
Decentralized Exchange (Dex) Kiloex had set the platform operations after the 7.5 million dollar -Exploit of the platform, reported CoinTelegraph on April 15.
In a surprising turn of the events, the wallet behind the exploit has returned the whole stolen cryptocurrency to the Dex.
“#Kiloex explosion -made addresses have returned cryptos price ~ 5.5 million USD to #kiloex,” says a post of Blockchain Security Platform Pecksalert on April 18.
Minutes after the transfer, Kiloex announced the whole restoration of all stolen funds, wrote the stock exchange in a post on April 18.
Source: Kiloex
The unexpected repayment occurred after Kiloex offered the hacker a bount of 750,000 US dollars -10% of the stolen amount -if they returned 90% of the looted assets.
The platform said that it worked with law enforcement and cyber security firms, including Seal-911, Slowmist and Sherlock, to uncover more in regards to the activity and identity of the hacker.
The initial attack could have been caused on the idea of a “Price Oracle problem”, through which the knowledge utilized by an intelligent contract is manipulated or inaccurate, which results in exploit, said Peckshield in a post on April 14 on April 14.
Kiloex won’t pursue legal charges after the recovery of assets
After the recovery of the funds, the platform won’t pursue any legal charges against the attacker, said Kiloex:
“The legal procedure to officially close the case is now in progress […]. If all affected funds are fully restored (no victims left), we make our promise to unravel this matter pretty and transparently. “
“In our agreement, we’ll award 10% of the recovered amount as a premium to the white hat involved and recognize their contribution to improving the safety of our platform,” added Kiloex.
White has Hacker, also referred to as an ethical hacker, are on the lookout for weaknesses within the infrastructure to avoid future exploits.
The need for improved crypto security measures was emphasized on February 21 when Bitbit Exchange lost over 1.4 billion US dollars and characterised the most important hack in crypto history.
