Binance Savers the Day - Recovers $6.1 Million in Stolen Crypto
Binance CEO Emphasizes Role in Retrieving $6.1 Million in Cryptocurrency Following Massive Hack Incident
Hey there, folks! Binance's boss man, Richard Teng, has spilled the beans about a recent event that'll make your crypto-heart sing: Binance helped recover a whopping $6.1 million in funds stolen from KiloEx during a hack!
Two weeks ago, KiloEx suffered a complicated assault, losing around $7.5 million worth of various cryptos. But fear not! Binance swooped in like a guardian angel and managed to salvage about 90% of those $$$.
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KiloEx Hack: The Fall and (Almost) Complete Recovery
OK, back to the main event: KiloEx got hacked, and Binance helped save the day. The bad guys went after the price oracle mechanism at decentralized exchange KiloEx, exploiting it to steal some serious crypto. But Binance's quick response and industry-wide collaboration helped them recover a massive chunk of the stolen funds.
The Collaboration Recipe for Asset Recovery
Here's how it all went down:
- On-Chain Analysis and Tracking: Using on-chain analysis, Binance kept tabs on the stolen funds as they hopped from one blockchain to another, often trying to dodge detection and laundering the money.
- Industry Coordination: Binance teamed up with other exchanges and platforms to pool their resources and share intel. This collaboration helped identify suspicious transactions faster.
- Law Enforcement Involvement: Working with the law enforcement, Binance operated like a heat-seeking missile, cutting off potential escape routes for the hackers.
- Freezing Assets: Once shady accounts or transactions were discovered, Binance froze the funds and blocked further movement to prevent laundering.
KiloEx: Heroes vs Villains
In the KiloEx case, Binance's speedy action and collaboration proved crucial to the recovery of $6.1 million in stolen funds. The hacker targeted KiloEx's price oracle and used Tornado Cash to anonymize their wallet. The hacker messed with the system by making it believe tokens' prices were much lower than their actual value.
The hacker then cashed in on these inflated profits, withdrawing approximately $8.44 million from KiloEx and repeating the scheme on other networks like Base, Taiko, and BNB Chain. Ouch!
But fear not! KiloEx and Binance sprang into action, tracking the stolen funds and cooperating with each other. KiloEx even went so far as to negotiate with the hacker, offering them a 10% bounty in exchange for returning 90% of the plundered loot. The hacker, seeing the writing on the wall, agreed to the deal and halted any further investigation.
Win for Binance! Win for Crypto! Keep it secure, folks! #Binance #Richard Teng #Crypto Recovery #Collaboration #KiloExHack
- Richard Teng, the head of Binance, revealed that the platform helped recover $6.1 million in cryptocurrencies stolen from KiloEx during a hack.
- Binance managed to salvage about 90% of the $7.5 million worth of various cryptocurrencies that KiloEx lost in the hack.
- The hacker behind the KiloEx theft exploited the price oracle mechanism at a decentralized exchange, causing the loss.
- Binance used on-chain analysis and tracking to keep tabs on the stolen funds as they moved across different blockchains.
- Binance collaborated with other exchanges and platforms to pool resources and share intel, helping identify suspicious transactions faster.
- The recovery process involved working with law enforcement to cut off potential escape routes for the hackers and freezing assets when shady activities were detected.
- KiloEx even negotiated with the hacker, offering a 10% bounty in exchange for returning 90% of the plundered loot.
- The hacker agreed to the deal with KiloEx and halted further investigation, resulting in the recovery of $6.1 million in stolen crypto, demonstrating the power of collaboration in the crypto world.
